Solana fell to $66, its lowest level since December 2023, according to data from CoinGlass cited in the report .. The drop came as futures markets recorded $10.8 billion in net outflows and liquidations topped $78 million, pushing the token into deep oversold territory. At the time of writing, SOL had recovered slightly to around $70.4, still down 7.3% on the day and 13% over the past week, with both short- and long-term moving averaegs breached.

The $10.82 billion futures exodus and the $78 million liquidation cascade

CoinGlass data show that over the past week, cumulative net outflows from Solana futures reached $10.82 billion, a clear indicator of aggressive bearish positioning. In the last 24 hours alone, $3.09 billion exited futures contracts while only $2.8 billion entered, leaving a net outflow of $281 million. The report notes that sellers have consistently outpaced buyers, and liquidation of long positions accounted for $78.25 million of the total $83 million in liquidations. this forced exit of bullish traders has added fuel to the sell-off, creating a feedback loop that further depresses prices.

RSI's three-year low of 22: Why oversold doesn't mean a bottom

Solana's Relative Strength Index has plunged to 22, a three-year low, indicating that the asset is deeply oversold. The report describes this as a level that typically reflects overwhelming seller dominance and often precedes extended downtrends. While some traders view an RSI below 30 as a contrarian buy signal,the source cautions that without a significant influx of buying pressure, the oversold condition alone may not be enough to arrest the decline . The same metric hit similar lows during Solana's 2022 crash after the FTX collapse, which was followed by months of sideways trading before a recovery.

Spot market panic:Net flow surging 1,165% in a single day

The turmoil on futures is mirrored in spot markets, according to the report. Over a recent four-hour window, spot inflows rose to $115.9 million while outflows fell to $92 million, causing exchange-level net flow to surge 309% to $22.9 million. On a daily basis, net flow jumped an astonishing 1,165% to $6.88 million. This surge suggests that many active traders are closing positions in a panic, further amplifying selling pressure.. One open question the source leaves unanswered is the identity of the dominant sellers—whether they are large whaels, institutional players, or retail traders—which could determine how long the selling wave persists.

What would it take to reverse? Analysts eye the $80 buffer

According to the report, reversing the downturn would require significant buying preessure to absorb the selling wave and push Solana back above the $80 mark. That price level is seen as a critical buffer against further declines. The source notes that if sentiment remains unchanged, SOL could continue slipping and potentially break the $60 barrier. However, the report does not provide a timeline for such a move, nor does it detail any catalysts that might trigger a reversal. Investors are left to monitor liquidity metrics and order-book depth for signs of a shift, as a sudden sentiment change could either worsen the sell-off or create a narrow window for opportunistic entries.