Solana (SOL) Price: Most SOL Holders Are Underwater as Token Drops to $76

TLDR

• SOL has fallen below key support levels, trading around $77 after dropping as low as $75.80
• Open interest in SOL futures dropped ~2% to $5.09 billion, with funding rates turning negative
• Only 20% of Solana addresses are currently in profit — the lowest since late 2023
• 67% of SOL’s total supply is now staked, tightening circulating supply
• Treasury companies hold over $1.3 billion in SOL, reducing tokens in active circulation

Solana (SOL) is trading around $77 after touching a recent low of $75.80, extending a six-week losing streak that has pushed the asset well below its earlier 2026 highs near $95.

The sell-off has been steady. SOL has broken below key technical levels, and market data points to growing caution among traders.

Open interest in Solana futures dropped roughly 2% to around $5.09 billion, even as trading volume climbed sharply. That combination typically signals forced liquidations rather than new buying coming in.

Funding rates have turned negative. The long-to-short ratio has dropped below 1. Both readings suggest more traders are betting on further downside than a near-term recovery.

Larger accounts have been positioning short, while retail traders on Binance and OKX continue holding leveraged long positions. That imbalance raises the risk of more volatility if current support levels give way.

On-Chain Data Paints a Cautious Picture

On-chain data from Glassnode shows only about 20% of Solana wallet addresses are currently in profit. That is the lowest reading since late 2023.

Historically, similar readings have appeared near capitulation phases in past downturns, though analysts caution that does not mean a bottom is confirmed.

Long-term holder accumulation, which was active earlier this year, has slowed since SOL fell below $100. That signals fading conviction among buyers who had been absorbing sell pressure during earlier dips.

Momentum indicators remain pointed downward. RSI readings are near oversold territory, reflecting ongoing selling rather than any early signs of reversal.

Supply Tightening Could Be a Factor Later

Despite the price weakness, Solana’s supply picture has tightened. As of February 23, 67% of SOL’s total supply is staked, reflecting a large pool of long-term holders unwilling to sell.

Treasury companies have also accumulated over $1.3 billion worth of SOL, pulling more tokens out of active circulation.

When that much supply is locked up, liquid tokens in the market become scarcer. In past cycles, tight supply alongside returning demand has led to sharp price moves.

That dynamic has not played out yet. Analysts say broader market stability and clearer macro direction are needed before the supply setup can drive meaningful price action.

For now, traders are watching support between $75 and $67. A break below that range could open the door to $62 or even $60.

On the upside, SOL faces resistance between $82 and $83, where a bearish trend line has formed. As of now, SOL is trading at approximately $77, just above its recent low of $75.80.

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