$SOL is about to undergo a dramatic shift tonight.
I just saw some data: a large holder of 18,787 SOL at a cost of $175 is currently experiencing a paper loss of $1.62 million. This guy is still stubbornly holding on.
SOL's on-chain DEX trading volume has crushed all public chains for six consecutive months, reaching $96 billion in February, almost double that of Ethereum.
But that's not the main point.
The main point is that Circle directly issued $2 billion worth of USDC on Solana.
And here's something even more drastic. If the SIMD0266 proposal passes, transaction speed will increase by 19 times.
But why is the price still falling?
Because the market is that cruel. No matter how advanced the technology or how strong the ecosystem, when it's time to fall, it can still make you question your existence. That large holder with a paper loss of $1.62 million is the best example.
However, the SuperTrend indicator has turned bullish for the first time in two months.
SOL is currently at 87.71, with support at 86.42. If it breaks below this level, 85-86 will be the last line of defense. Hold on, and it's a desperate counterattack. Failure to hold, and you're truly going to meet your maker.
Those who bought at $200 are now cutting their losses and leaving the market. Meanwhile, the truly smart money is quietly building positions at this level.
If you're still observing, then continue observing. If you're already numb from the losses, then wait for confirmation of a double bottom at $85-$86.