06:19
Solana Validator Crisis Analysis: Nodes Drop to 800, Network Resilience Faces Test
Amid the rising risk aversion in the overall market, the fundamentals of Layer 1 public chains are also under pressure, with Solana (SOL) becoming one of the most watched cases. From a price performance perspective, SOL has fallen about 37% this quarter, marking the largest quarterly decline since Q2 2022, and becoming one of the worst-performing mainstream cryptocurrencies during the same period, with market confidence and FOMO sentiment continuing to cool down.
On-chain data further reinforces the characteristics of a "surrender phase." SOL has retreated over 50% from its $250 high, with short-term holders' realized losses significantly increasing, and STH NUPL rapidly declining, indicating a large amount of chips changing hands in the loss zone. Meanwhile, LTH NUPL for long-term holders has fallen back to levels seen in April of this year, when SOL experienced about a 30% drop. This suggests that even long-term capital is gradually losing patience.
SOL1.52%