Solana NUPL data reflects renewed capitulation while derivatives metrics show rising participation, signaling a potential cyclical reset as investors reassess market conditions.
NUPL Signals Renewed Capitulation Phase
Solana has entered a fresh capitulation zone on the Net Unrealized Profit/Loss chart. The pattern reflects two weeks of distressed sentiment as unrealized losses dominate the network. According to an update on social media, this behavior has marked prior cyclical lows.
Historical NUPL data from 2020 to 2025 shows that deep capitulation periods often align with market turning points. During late 2020, capitulation occurred near low price levels before a rapid shift into a strong rally. That phase moved the market from loss-driven sentiment into confidence and later into euphoria.
A similar structure appeared during the sharp 2022 breakdown. The chart shows heavy losses while SOL fell from above $80 to near $10. That extended stress period preceded a gradual recovery. The current two-week stretch shows comparable emotional exhaustion, although not at the extreme depth of the 2022 cycle.
Market Activity Shows Steady Growth in Participation
Solana as of writing trades at $143.19 with modest daily gains and strong historical performance. Its market cap and fully diluted valuation are around $80 and $88.05 billion respectively. A $5.35 billion daily volume is an indicator of increased activity on the part of participants in response to current circumstances.
Supply data indicates a circulating total of roughly 559 million SOL against a 614 million total supply. This reduced emission pressure supports structural stability during volatile periods. The five-year price diagram presents alternating upsurge and contraction periods beginning in 2021 up to 2025.
One analysis notes that ETF inflows reached $621 million over 21 days. The message also mentions price stability near $137 as momentum continued. Such inflows often bring steady capital flows, contributing to broader participation during late-cycle phases.
Derivatives Metrics Show Strong Long-Side Positioning
Derivatives activity reflects growing interest with futures volume near $18.47 billion and open interest at $7.38 billion. Options volume also climbed over 119% to $1.92 million. These increases indicate expanding strategic positioning across the market.
Long-side ratios on major exchanges show a clear bias. Binance accounts show ratios above 2.6, while OKX reports similar upward skew. Top traders on Binance maintain long-side ratios above 3.2, suggesting heavier exposure toward upward movement.
Liquidation data shows persistent short-side losses. Over 24 hours, short liquidations reached $12.61 million versus $3.45 million for longs. This pattern repeated across shorter intervals, indicating upward pressure during recent trading phases.