Investors in Solana (SOL) are becoming increasingly fearful as the Net Unrealized Profit/Loss (NUPL) metric suggests a shift in market sentiment. The NUPL data from Glassnode shows a steady decline in optimism and belief over the past month, with the market now predominantly in a yellow zone of growing anxiety. Solana's price movements have been volatile, and the fear phase has intensified in February. This trend suggests that many holders are now facing losses or reduced profits, leading to cautious behavior. The fear zone could lead to increased sell pressure, pushing the price lower, but historical trends indicate that fear often precedes recovery. If Solana stabilizes and demand returns, sentiment could shift back towards optimism. The current price trend aligns with wider market conditions, and if strong support is found, investor sentiment could improve and potentially lead to a reversal.



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