Liquidity isn’t just about price — you can see it clearly in the Realized Profit-to-Loss Ratio (30D-SMA).

For $SOL , this ratio has been below 1 since mid-November, meaning realized losses > realized profits.

That’s the kind of reading you usually only see in deep bear markets, when liquidity has fully contracted and pain is dominant.

So the question is: do you treat this as a warning sign to back off… or as the kind of washed-out liquidity zone where future monsters quietly start loading? 🧊📉🚀

SOLUSDT

Perp

139.18

+5.19%