Solana’s Connection To Bitcoin Has Led To Price Capitulation

Solana's price is currently extending its bearish trend, largely attributed to its exceptionally high correlation of 0.97 with Bitcoin. As Bitcoin struggles near the $100,000 level, Solana's potential for independent growth is limited, leading to downward pressure.

From a macro perspective, Solana's Net Unrealized Profit and Loss (NUPL) metric has entered the capitulation zone, historically a key turning point where selling pressure subsides. If Bitcoin's weakness persists, SOL could fall further to support levels like $150, $146, or even $140, potentially deepening investor losses.

However, this capitulation phase could paradoxically set the stage for a rebound, as these dips have historically preceded accumulation and recovery for SOL, with potential targets near $163 and $175 if confidence returns.

(Source：BeInCrypto)