🟣Solana’s realized profit–loss ratio has fallen below the critical threshold of 1, signaling an uptick in loss-taking and shrinking liquidity. According to Glassnode, this pattern mirrors periods seen during the deep phases of the 2022 bear market, when investors capitulated en masse and the asset remained under prolonged pressure.
🟣The decline in the metric following the autumn rally reflects a retreat of buyers and weakening demand. If the trend persists, Solana may once again face an extended phase of low liquidity. However, a short-term correction scenario is still possible — much will depend on investor behavior and the broader market environment.