
This deep dive examines evidence of capital leaving Solana, deteriorating on‑chain activity, derivatives positioning and the liquidation clusters that could spark a SOL short squeeze. It concludes with tactical setups and risk controls for traders and desks.

Solana has been underperforming as BTC dominance and macro risk-off flows reassert themselves; this piece explains the technical context, on-chain drivers behind SOL’s downside leadership, and practical trade and allocation frameworks.