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- 75% of Solana’s supply is underwater, showing the steepest decline compared to Bitcoin, XRP, and Ethereum.
- Despite the downturn, these cryptocurrencies maintain a higher percentage of supply in profit.
- Solana’s high supply in loss could indicate seller exhaustion, suggesting potential for future price stabilization.
The cryptocurrency market has been experiencing a sharp downturn, and one of the most notable victims is Solana (SOL). According to recent data from on-chain analytics firm Glassnode, Solana’s performance in terms of supply held at a loss has significantly worsened. In fact, the majority of Solana’s circulating supply is now underwater, a stark contrast to Bitcoin, XRP, and Ethereum, which are faring better in terms of supply in profit. Let’s explore the situation in more detail and see how these major cryptocurrencies are faring in the current market.
Here’s the percent of supply in loss, for top assets:
— glassnode (@glassnode) November 25, 2025
🟠 BTC: 34.91%
⚫ XRP: 36.70% l
🔵 ETH: 38.37%
🟣 SOL: 74.84%
📉https://t.co/YuJxYtm0uY https://t.co/oPr1Ck1hgI pic.twitter.com/vrYhvPCl5d
Solana Faces Major Losses
As of now, almost 75% of Solana’s circulating supply is being held at a loss. Glassnode’s metric, Percent Supply in Loss, tracks the percentage of a coin’s supply that was last transacted at a higher price than its current market value. This indicator shows that Solana’s price decline has hit its holders the hardest. At the time of writing, Solana’s Percent Supply in Loss is sitting at 75%, a drastic drop compared to other major cryptocurrencies.
This could signal that most Solana holders are underwater, with a limited number of investors remaining profitable. Despite recent price upticks, the ongoing bearish trend has kept Solana in a difficult position. The high percentage of coins in loss suggests that investor sentiment is significantly impacted, and there may be fewer people left to sell at a loss.
Bitcoin, XRP, and Ethereum Show More Resilience
In comparison, Bitcoin (BTC), Ethereum (ETH), and XRP are in relatively better shape. While all three coins have seen a significant decline in Percent Supply in Profit, none of them have experienced the sharp drop that Solana has. For example, Bitcoin’s Percent Supply in Loss stands at 34.91%, Ethereum’s at 36.7%, and XRP’s at 38.37%. While these numbers indicate a loss in profitability for investors, it’s clear that the situation isn’t as dire as it is for Solana.
The fact that Bitcoin, Ethereum, and XRP still have a majority of their supply in profit indicates a healthier market sentiment around these coins, even amid a broader downturn. These cryptocurrencies are more resilient, likely due to their higher adoption rates and established market positions.
What Does This Mean for the Future of Solana?
Given that Solana’s Percent Supply in Loss is so high, it could indicate that the cryptocurrency is closer to “seller exhaustion.” In other words, many of the investors holding SOL may have already sold off their positions, leaving fewer market participants willing to sell at a loss. This could imply that the asset is near a bottom, but recovery will depend on broader market conditions and investor sentiment.
The good news for Solana is that the price has shown some recovery recently, climbing back to the $137 level. However, the road to full recovery will depend on whether the broader market turns bullish again and whether Solana can regain investor confidence.
In summary, Solana is currently facing a challenging market position, with most of its supply underwater. Meanwhile, Bitcoin, Ethereum, and XRP, though affected by the downturn, remain more resilient with a significant portion of their supply still in profit. The current state of the market suggests that Solana’s recovery may be harder and more prolonged compared to its peers. However, given the volatile nature of cryptocurrencies, the situation could change quickly with shifts in investor sentiment or broader market trends.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
Also Read: Solana Founder Praises Cardano’s Consensus Mechanism
I’m your translator between the financial Old World and the new frontier of crypto. After a career demystifying economics and markets, I enjoy elucidating crypto – from investment risks to earth-shaking potential. Let’s explore!
