CryptoQuant's spot volume bubble map shows SOL's first "heating" readings of this window, about half a dozen bubbles as price slid from roughly $112 to $103. For most of the year the chart looked different. From December to early June nearly every bubble was green, meaning volume was cooling as price bled from about $150 to the low $80s. Participation faded quietly, and the June low near $62 didn't come with a volume spike either.
What stands out to me is the contrast. Cooling volume on a falling price is apathy. Heating volume on a falling price is people actively selling, and that's what this looks like. The color encodes volume, not direction, so I'm reading direction from the price axis.
Other reporting leans the same way, though I'd treat some of it with care. Solana spot ETFs have reportedly logged ten straight days of outflows, the chain's stablecoin supply is down roughly $1.5B since September 25, and futures open interest fell 4% on Saturday, the biggest drop among majors. SOL sits near $102 to $104.
The counter-argument is that this is still a pullback inside a recovery. SOL is about 65% above its June low by my math, and the heating run is short, so a few quiet sessions would erase it.
I'd watch two things. If bubbles go back to neutral while SOL holds the $100 area, the selling is fading. If heating persists as $100 breaks, volume is confirming the move, and the next question is whether it escalates further.
$SOL #Macro Insights# #BTC Price Analysis# $BTC
What stands out to me is the contrast. Cooling volume on a falling price is apathy. Heating volume on a falling price is people actively selling, and that's what this looks like. The color encodes volume, not direction, so I'm reading direction from the price axis.
Other reporting leans the same way, though I'd treat some of it with care. Solana spot ETFs have reportedly logged ten straight days of outflows, the chain's stablecoin supply is down roughly $1.5B since September 25, and futures open interest fell 4% on Saturday, the biggest drop among majors. SOL sits near $102 to $104.
The counter-argument is that this is still a pullback inside a recovery. SOL is about 65% above its June low by my math, and the heating run is short, so a few quiet sessions would erase it.
I'd watch two things. If bubbles go back to neutral while SOL holds the $100 area, the selling is fading. If heating persists as $100 breaks, volume is confirming the move, and the next question is whether it escalates further.
$SOL #Macro Insights# #BTC Price Analysis# $BTC