According to 528btc, Solana (SOL) is entering a tense phase due to thinning liquidity, rising leverage, and conflicting signals between institutional flows and derivatives markets. Chain data shows the 30-day realized profit and loss ratio has remained below 1 since mid-November, indicating a bearish liquidity contraction. Analysts describe the situation as a 'full liquidity reset,' with order book sizes shrinking and volatility rising. A key risk level near $129 could trigger over $500 million in long liquidations if retested. Derivatives activity remains active, with open interest above $7.2 billion, while spot liquidity weakens, signaling potential for increased volatility.
Solana Faces Market Pressure as Liquidity Hits Cyclical Lows
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