$SOL The peak that started at the beginning of last year is still holding up now. Nearly two years later, this pit hasn’t even been half filled — it’s not a golden bottom, but a downgrade verdict written by the valuation cycle. After price adjustments, it’s only about 35% of the historical high. The pricing anchor from two years ago has not budged, and the longer this top sits, the more solid it becomes. On-chain lending growth has nearly stalled, and the spot leverage long-short ratio has been cut by nearly 30% from its tenfold peak — the hand adding leverage has stopped, while the hand reducing leverage has been very busy.