The recent market downturn has taken a heavy toll on Solana, revealing a concerning trend in its supply dynamics. As the cryptocurrency landscape grapples with bearish conditions, the document underscores a growing issue that highlights the challenges faced by Solana, particularly in terms of its circulating supply.
Glassnode Reports Surge in Solana's Percent Supply in Loss
On-chain analytics firm Glassnode reports that the Percent Supply in Loss for Solana has skyrocketed, with nearly 75% of its circulating supply now underwater. This stark figure highlights the challenges faced by Solana holders as the market struggles to regain momentum.
Comparison with Major Cryptocurrencies
In contrast, major cryptocurrencies like Bitcoin, XRP, and Ethereum are faring better, with lower percentages of their supply held at a loss. This suggests that a significant portion of their holders remains in profit, even amid the prevailing market downturn.
Potential for Market Rebound
The disparity in loss percentages may indicate that Solana is approaching a state of seller exhaustion, potentially setting the stage for a market rebound. As investors assess their positions, the resilience of Solana compared to its peers will be closely monitored in the coming weeks.
In light of the recent challenges faced by Solana, Upbit has temporarily halted all deposit and withdrawal services for assets on the Solana network. This maintenance aims to enhance security and efficiency, impacting many users holding Solana-based tokens. For more details, see further information.
