Bhutan Rolls Out Solana-Backed Visas Even As Demand Stays Weak

Bhutan has introduced a novel visa program for digital nomads backed by the Solana blockchain, building upon its earlier launch of a gold-backed token (TER) on Solana. This initiative highlights Solana’s growing role in sovereign-backed digital infrastructure. Despite this government-level adoption, Solana’s price has recently fallen below a consolidation range, indicating weakening short-term momentum and muted investor demand. On-chain metrics reveal that SOL holders are exhibiting caution, with realized losses increasing and traders positioning for further downside. The derivatives market shows a dominance of short positions, suggesting a defensive speculative sentiment. While a price increase to $89 could trigger significant short liquidations, the current outlook points to elevated downside risk, with a potential drop to $64 if the $73 support level is breached.

(Source：BeInCrypto)