The Solana Network’s NUPL indicator has remained persistently below zero for two weeks, signaling a potential capitulation phase and a bearish trend. Analysts attribute this downturn to weak demand and investor losses. The chart reveals a pattern similar to past market lows, where unrealized losses grew before strong recoveries. 2020 and 2022 saw similar NUPL dips preceding Solana’s price bottoms. Traders are closely watching for signs of reversal, as the indicator matches previous market cycles showing sharp drops in prices after prolonged periods under zero. Glassnode’s analysis shows a clear link between extended NUPL time below zero and past market lows, with this latest signal suggesting potential further declines. Further data such as falling open interest and shrinking exchange balances are adding fuel to the bearish sentiment.