$SOL SOPR and liquidations indicate bearish pressure
One of the signs of a possible further correction is SOPR (Spent Output Profit Ratio). The indicator is calculated by dividing the dollar value of sales by the purchase value. To do this, it relies on data about unspent transaction outputs (UTXO). The metric shows whether holders are selling their tokens at a profit or a loss.
SOPR for Solana has decreased from 1.04 to nearly 1.00 over the past week. This means that sellers are barely breaking even right now. Typically, this happens when confidence is falling. It often signals fluctuations in the market or early signs of panic, especially when the metric falls along with the price.
This weakness is confirmed by the liquidation data. In the past 7 days, the short positions on Solana amounted to $1.28 billion, while long positions were $924 million. Traders are making large bets on further declines in the price of Solana. The increase in short positions combined with the dynamics of SOPR indicates a lack of hope for growth in the near future.
