Solana (SOL) slid to roughly $68 on Thursday, its lowest point since December 2023, as over $88 million in leveraged positions were wiped out in 24 hours. The sell-off comes alongside a steep decline in daily network activity and fading social buzz, signaling that fresh demand is drying up.
Liquidations Hit a Concentrated Long Position
Data shows $88.13 million in SOL futures were liquidated across exchanges in the past day, with long positions accounting for 94% of that total — $83.53 million. That wave swept up 12,084 traders as SOL's intraday volatility topped 12%. The sheer size of the long squeeze suggests many leveraged bulls were caught off guard by the sharp move lower.
Active Addresses Slump to Half of February Peak
Daily active addresses on Solana fell from about 5.5 million in early February to roughly 2.91 million — a drop of nearly 50%. The metric, often used to gauge real user engagement, now sits at levels not seen since late 2023. Meanwhile, social volume around Solana has cratered to 39, near the bottom of its three-month range. Social dominance, the share of crypto conversation dedicated to SOL, rolled over to just 0.687%. Each uptick in social chatter was met with selling rather than buying, signaling that fresh demand is evaporating.
Technical Breakdown Deepens
SOL closed the weekly candle near $68.46, down 17% on the week. That move pushed the token below the 0.786 Fibonacci retracement level at $73.31, a key support that had held since mid-2023. The weekly relative strength index (RSI) has entered bearish territory, and trading volume contracted throughout the descent — a pattern that often confirms a lack of buying conviction.
At press time, SOL traded at $68.53, down about 9% over 24 hours. Its market cap stands at roughly $39.6 billion, ranking seventh among all cryptocurrencies. The drop in active addresses and social volume suggests that without a fresh catalyst, the token may struggle to regain momentum.
