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Solana’s (SOL) market structure is entering a tense phase, shaped by thinning 
liquidity, elevated leverage, and conflicting signals across institutional 
flows and derivatives markets. Related Reading: The Current Bitcoin Price Pump 
Will End In A Crash – Here’s When To Start Selling While price movements 
remain within familiar ranges, the underlying conditions paint a more complex 
picture, one that traders are watching closely for signs of either exhaustion 
or a sharp reversal. Recent sessions have seen Solana drift between $128 and 
$145, with brief rebounds lifting it toward the upper end of this range. 
However, liquidity indicators suggest a deeper reset is taking shape. Analysts 
note that these conditions often precede turning points, though they can 
amplify volatility in the short term. SOL&#8217;s price trends to the downside on 
the daily chart. Source: SOLUSD on Tradingview SOL Liquidity Drops to Bear- 
Market Levels On-chain data shows Solana’s 30-day realized profit-to-loss 
ratio has stayed below 1 since mid-November. This pattern, more losses being 
realized than gains, typically marks a liquidity contraction similar to 
historical bear-market phases. Analysts at Altcoin Vector describe the current 
setup as a “full liquidity reset,” a process that typically takes several 
weeks to resolve. That backdrop aligns with observations from SynFutures, 
whose team cites realized losses, declining futures open interest, and 
fragmented liquidity pools as contributing factors. Market-makers have also 
pulled back, thinning order books even as realized volatility increases. The 
effect is a market highly sensitive to sharp moves, particularly around key 
liquidation clusters. A notable risk is emerging around the $129 level, where 
nearly $500 million in long positions would be liquidated if the price retests 
that zone. With $15.6 million in SOL contracts wiped out in the last 24 hours 
alone, the market remains vulnerable to cascades. Similarly, exchange balances 
continue to drop, and spot ETFs have brought in more than $17 million this 
week, signaling accumulation despite broader stress. Volatility Builds as 
Derivatives and Spot Activity Diverge Derivatives data reflect a cautious but 
engaged trading environment. Open interest has climbed back above $7.2 
billion, rising in tandem with a rebound in daily volume. This type of build- 
up during a quiet price phase often signals positioning ahead of a larger 
move. Long-to-short ratios have shifted bullish in recent days, and funding 
rates remain positive, although traders are becoming increasingly sensitive to 
macroeconomic catalysts. Spot markets tell a different story. Liquidity is 
thin, and deep-cycle reset metrics point to selling exhaustion rather than 
active expansion. This divergence, characterized by high derivative activity 
against weakening spot liquidity, typically precedes volatility spikes. Key 
Solana Levels Ahead as Market Awaits a Cycle Turn Technically, Solana remains 
stuck between established boundaries. The $145 resistance zone has capped 
multiple attempts to break higher, while support around $135 and deeper levels 
near $129 hold significance for traders monitoring liquidation risk. Momentum 
indicators are stabilizing, and the MACD is edging toward a potential positive 
crossover. Analysts note that past liquidity resets have been followed by 
rapid upside moves once conditions improved; however, the timing remains 
uncertain. Related Reading: NFT Slump Worsens With Monthly Sales Hitting Rock 
Bottom Currently, Solana sits at the center of a tug-of-war between cautious 
sentiment, thinning liquidity, and steady institutional flows. Whether these 
opposing forces resolve into a recovery or further volatility may depend less 
on price action alone and more on how quickly liquidity returns to the 
ecosystem. Cover image from ChatGPT, SOLUSD chart from Tradingview

Market Stress Intensifies for Solana as Liquidity Drops to Cycle Lows and Volatility Builds

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Swissborg announced a partnership with Mastercard to launch a crypto debit 
card in 2026, enabling users in 30 countries to spend digital assets at over 
150 million locations worldwide. Global Rollout and Acceptance Crypto trading 
platform Swissborg announced on Dec. 10 a landmark partnership with Mastercard 
to launch a crypto debit card designed to seamlessly […]

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