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+
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By Shaurya Malwa|Edited by Sheldon Reback
Mar 11, 2025, 12:13 p.m. UTC
- Solana’s SOL slid 8% to $124, falling below its realized price of $134 for the first time since May 2022.
- The drop coincides with a debate among Solana’s validators over a proposal that could reduce the network’s annual inflation rate to about 1.5% from 4.7%.
- The bearish trend suggests the average SOL holder is underwater, which could trigger panic selling, but a rebound to $134 is possible if the $120 support holds and $128 breaks with volume.
Solana’s SOL entered murky waters as Monday’s broad crypto-market drop sent the token of the high-speed, low cost blockchain diving as much as 8% to $124.
That’s less than the realized price of $134 for the first time since May 2022, according to Glassnode data. The realized price is the average cost basis of all coins last moved and current values mean the average holder is underwater, a bearish signal that can trigger panic selling or capitulation.
STORY CONTINUES BELOW
The drop comes as Solana’s validators debate a proposal known as SIMD-0228 that could slash the network’s 4.7% annual inflation rate by 80% to roughly 1.5% over time.
Unlike the market price, which fluctuates with exchange trades, realized price is a cost-basis anchor.
The price action forms a descending channel, with resistance between $134, formerly a support level, and $130, and support at $120 and $115. The trend remains bearish, but if $120 holds and $128 breaks with volume, a rebound to $134 is possible, driven by dip buyers.
Shaurya is the Co-Leader of the CoinDesk tokens and data team in Asia with a focus on crypto derivatives, DeFi, market microstructure, and protocol analysis.
Shaurya holds over $1,000 in BTC, ETH, SOL, AVAX, SUSHI, CRV, NEAR, YFI, YFII, SHIB, DOGE, USDT, USDC, BNB, MANA, MLN, LINK, XMR, ALGO, VET, CAKE, AAVE, COMP, ROOK, TRX, SNX, RUNE, FTM, ZIL, KSM, ENJ, CKB, JOE, GHST, PERP, BTRFLY, OHM, BANANA, ROME, BURGER, SPIRIT, and ORCA.
He provides over $1,000 to liquidity pools on Compound, Curve, SushiSwap, PancakeSwap, BurgerSwap, Orca, AnySwap, SpiritSwap, Rook Protocol, Yearn Finance, Synthetix, Harvest, Redacted Cartel, OlympusDAO, Rome, Trader Joe, and SUN.
