Glassnode data reveals that Solana's 30-day average realized profit/loss ratio has remained below 1 since mid-November, indicating that more holdings are being sold at a loss. This trend is reminiscent of a bear market environment characterized by liquidity contraction and market downturns. Analysts suggest that this 'liquidity reset' scenario is historically common at the end of major corrections and may signal that the market is nearing a temporary bottom. If Solana's price falls to around $129, approximately $500 million in long positions could face liquidation.