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Traders Expect Solana Price Drop
Solana’s rally has slowed. Over the past month, SOL gained more than 22%, but it has lost nearly 6% in the past seven days.
The token might currently be undergoing a healthy correction. However, some on-chain metrics suggest the correction could last longer than expected.
SOPR and Liquidations Indicate Bearish Pressure
One sign of potential further correction is the SOPR (Spent Output Profit Ratio). This indicator is calculated by dividing the dollar value of tokens sold by their purchase price, using UTXO (Unspent Transaction Output) data. It shows whether holders are selling at a profit or a loss.
SOPR for Solana has dropped from 1.04 to nearly 1.00 over the past week. This means sellers are barely breaking even. Such a condition usually occurs when market confidence weakens — often signaling volatility or early signs of panic, especially when SOPR falls alongside the price.
This weakness is confirmed by liquidation data. Over the past 7 days, short positions on Solana totaled $1.28 billion, while long positions amounted to $924 million. Traders are placing large bets on further price declines. The increase in short positions combined with SOPR dynamics suggests little hope for a near-term rebound.
Bullish Momentum Losing Strength
The Bull-Bear Power Index, which measures the balance of power between buyers and sellers, is trending downward. This indicates that buyers are gradually losing control and the correction is deepening. Weaker bullish strength means aggressive buying on dips is becoming less frequent, reducing the chances of a swift recovery. While this cooling off doesn't necessarily disrupt Solana's long-term trend, it points to a pause in bullish activity. Without a new wave of interest, the price could remain weak or fall further before a significant rebound.
$175 Is a Key Support Level for Solana
In terms of price dynamics, SOL has pulled back from a local high of $206 and is now hovering around $184. Based on the Fibonacci retracement from the recent low of $125 to the high of $206, the key support level lies at $175 — the classic 38.2% retracement zone. This is often seen as the first major support in a healthy uptrend.
If SOL holds above this level, it may trade sideways before attempting another move upward. However, a breakout above $187, a key resistance level, could quickly shift the short-term bearish outlook to a bullish one.
Conversely, a break below $175 could trigger a deeper correction, confirming bearish signals from SOPR, liquidations, and weakening bullish strength.
See also: "Binance Data Suggests BTC Price May Be Poised for a Breakout"
