The Solana network is going through a period of intense bearish pressure, having recently dropped to price levels not seen in nearly two years. Currently trading around 86 dollars, the digital asset shows signals that analysts interpret as extreme undervaluation conditions for the market. According to Glassnode data, the low profitability of current holders could be signaling the imminent formation of a technical floor.
The Market Value to Realized Value (MVRV) ratio has fallen to its lowest point in nearly thirty months, reflecting widespread unrealized losses. This metric suggests that the current exchange value is well below the average acquisition cost of tokens in circulation. Historically, such scenarios usually precede a price stabilization in the short term, reducing the incentive for investors to sell their positions.
Additionally, the fact that only 21.9% of addresses are in profit reinforces the thesis of seller exhaustion. In previous cycles, when the profitability percentage dropped to similar levels, the market experienced a renewal of interest from institutional buyers. By limiting the available supply due to the reluctance to sell at a loss, prices usually find solid support to begin a recovery.
Which levels must SOL overcome to confirm its bullish trend?
From a technical perspective, Solana remains trading above the 23.6% Fibonacci retracement level, a zone considered key as bear market support. For a change in the current narrative to occur, it is imperative that the price achieves a decisive breakout above 90 dollars. This move would allow the asset to set its next target at the psychological three-figure resistance during the upcoming sessions.
Furthermore, capital flow indicators, such as the Chaikin Money Flow, have begun to show a slight improvement despite remaining in negative territory. However, if the inflow fails to materialize with the necessary strength, the risk of further decline persists. A break below 81 dollars could expose the asset to a major correction, projecting levels near 75 dollars.
The current situation of the ecosystem suggests an accumulation phase where investor patience will be decisive for the next macro move. While the network fundamentals remain intact, confirmation of a bullish trend will only arrive if Solana transforms 105 dollars into a reliable support. For now, the market watches cautiously to see if this historical discount will attract enough volume to reverse months of bearish dominance.
