The latest on-chain data analysis shows that the price of Bitcoin (BTC) is at a critical supply and demand battleground. According to the latest heat map released by Glassnode, BTC has formed a strong support zone in the range of $110,000 to $114,000, with a significant amount of trading occurring in this area, which may indicate that large funds are actively participating.

Data further indicates that $117,000 has become the next significant resistance level. If BTC can break through this level, it may initiate a momentum towards $120,000. The color distribution in the heat map clearly shows the historical position of the current price, with the black price line having broken through the dense trading area, which may suggest that the market is about to experience new changes.

As the leader of the cryptocurrency market, the trend of BTC has a significant impact on other crypto assets. Historical experience shows that when BTC breaks through key resistance levels, it often drives the rise of other cryptocurrencies. For example, well-known projects like Solana (SOL) and Ethereum (ETH) may benefit from this trend.

Currently, SOL is in a consolidation phase, which may be a buildup stage before significant fluctuations. If BTC successfully breaks through $117,000, SOL may rise accordingly and is expected to challenge the resistance level at $246. Even if BTC pulls back to the support level of $110,000 in the short term, there may still be investment opportunities for SOL in the range of $222 to $230.

Overall, the current cost distribution chart shows that the overall market trend remains positive, with substantial buying support for prices, and selling pressure seems to have been effectively absorbed. However, investors still need to be cautious, closely monitor market developments, and manage risks appropriately.