Solana is back under pressure after a sharp sell-off that has pushed prices decisively lower across global markets. In India, SOL was trading near ₹7,456 late Thursday, down more than 10% on the day, reflecting the same wave of risk-off selling that has dragged the wider crypto market lower alongside a slipping Bitcoin price.
The intraday chart shows steady distribution through the session, with sellers accelerating into the afternoon before prices attempted to stabilise above the ₹7,300–₹7,400 zone. While the move looks aggressive on the surface, longer-term indicators suggest the sell-off may be closer to exhaustion than escalation.
In dollar terms, Solana is hovering close to the psychologically important $90 level, an area that has repeatedly acted as a battleground between buyers and sellers during previous correction phases. The current decline follows a broader crypto pullback, with tightening financial conditions and sliding Bitcoin prices adding pressure across altcoins.
Technically, SOL continues to trade within a descending wedge on the daily timeframe — a structure that often forms during late-stage corrections rather than the start of fresh bearish cycles. Similar patterns in prior market phases have preceded periods of base-building before meaningful upside expansion, even if volatility remains elevated in the short term.
What stands out this time is the behaviour of longer-term holders. On-chain data shows Solana’s Market Value to Realized Value ratio near 0.65, placing the token firmly in undervaluation territory. An MVRV reading below one means most holders are sitting on unrealised losses — a condition that historically coincides with late-cycle pullbacks rather than panic-driven capitulation.
When large portions of the market are underwater, selling pressure often begins to dry up. Instead of continued distribution, investors tend to shift into a wait-and-hold posture, allowing price to stabilise even as short-term swings persist. This dynamic has frequently marked the transition from correction to consolidation in previous Solana cycles.
Another supportive signal is the relationship between spot price and realised price. Despite the recent drop, Solana’s realised price remains above the current market price — a configuration that has historically aligned with macro bottoms. A similar setup appeared in early 2025, when SOL spent weeks under pressure before entering a clear accumulation phase and recovering sharply.
Recent flow data suggests that behaviour may be repeating. Since December, investors have accumulated an estimated 5 million SOL, valued at roughly $455 million, even as prices trended lower. This steady absorption during weakness points to continued conviction among long-term participants rather than broad-based capitulation.
For traders watching key levels, the $90 region now represents a critical decision zone. In past cycles, defence of this area has opened the door to strong counter-trend rallies. A successful rebound and reclaim of $104 would be the first signal that buyers are regaining control, while acceptance above $122 would confirm a broader breakout from the descending structure.
On the upside, the current wedge formation still projects a potential move toward the $150–$156 zone if momentum turns decisively. That scenario remains conditional, but the combination of slowing downside momentum, undervalued on-chain metrics and persistent accumulation suggests Solana may be closer to forming a base than entering a prolonged breakdown.
For now, volatility is likely to remain high. But beneath the sharp intraday drops and headline-driven selling, the longer-term structure points to rotation and patience rather than panic — a distinction that has mattered greatly in Solana’s previous market cycles.
On-chain metrics referenced in this analysis are derived from publicly available blockchain data providers such as Glassnode .
