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Wind•Crypto✅
SOLANA: A BOTTOM FORMING OR JUST A DEAD-CAT BOUNCE?
SOL has dropped roughly 17% in the past week, but the real story goes far beyond the price chart.
The on-chain data is flashing warning signs.
Capital Is Leaving Solana DeFi
Total Value Locked (TVL) has fallen to approximately $4.87 billion.
Down nearly 10% this week.
Down around 15% over the past month.
Liquidity is quietly flowing out of the ecosystem.
Long-Term Holders Are Selling
One of the most concerning signals:
Long-term holder net positions have declined from 3.27 million SOL to 2.36 million SOL.
These are the investors who usually ignore short-term volatility.
When they start reducing exposure, the market pays attention.
On-Chain Activity Is Cooling
Solana's DEX market share has fallen from 30.4% to roughly 22.6%.
Trading activity is slowing.
Capital rotation is slowing.
Momentum is slowing.
So What's Next?
Despite the weakness, SOL has managed to rebound about 13% from the $60 area.
Bulls are attempting to regain control.
Buyers are defending key support levels.
Sentiment is trying to stabilize.
But there's one major obstacle ahead:
The $74–75 zone remains a critical resistance level.
Until that level is convincingly reclaimed, every rally will face the question nobody can answer with certainty:
Is Solana building a new bottom?
Or is this simply a technical bounce before another leg lower?
Because in bear markets, the strongest rallies often happen right before the next move down.
And right now, SOL is standing at a crossroads.
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