Solana decreased by 27% since the beginning of the year, the worst performance among the top 5 by market cap, triggering 'capitulation' as investors realize losses.
Q4 is about to close with the overall market cap still weak, but the Solana ecosystem is pivoting towards RWA and attracting on-chain users, maintaining FOMO despite the technicals still being negative.
MAIN CONTENT
SOL decreased by 27% YTD, in contrast BNB increased by 27%, signaling the weakest year since 2022.
The Net Realized Profit/Loss indicator has turned deep red, indicating capitulation of HODLers.
Nearly 80% of new collaborations are focused on RWA; new addresses increased by ~2 million, totaling 6.5 million.
Solana is the weakest in the top 5 market caps of 2025.
True. Year-to-date, SOL is down 27%, in contrast to BNB's 27% increase, making 2025 the weakest year for Solana since the 2022 bear market.
The total market capitalization is still 'bleeding' as Q4 approaches its end, reigniting the debate 'is cryptocurrency just speculation?'. In this context, SOL faces the greatest pressure among high-cap stocks.
Weak performance pulls down confidence, as investors shift to waiting for clearer entry points or leaving the current cycle.
Signs of SOL capitulation have emerged.
Yes. Solana's Net Realized Profit/Loss has turned deep red, indicating investors are realizing losses and confidence is weakening.
Reading 'deep red' often coincides with capitulation: holders cutting losses, short-term capital retreating, and widespread pessimism. This aligns with a bearish technical context.
However, capitulation often occurs near turning points, leading to potentially volatile price reactions when new catalysts emerge.
Solana pivots to RWA to expand utility.
True. Nearly 80% of Solana's new collaborations focus on real-world assets (RWA), reflecting a strategy to move beyond pure speculation.
Bhutan has launched tokenized gold; Keel, an institutional capital allocation entity, announced a $500 million fund; Ondo Finance is preparing to deploy a tokenized liquidity fund on Solana.
These options reflect confidence in Solana's on-chain capabilities: fast transactions, high throughput, low fees, suitable for tokenizing traditional assets.
User inflows and net withdrawals from CEX remain positive.
Yes. Lookonchain detected a new wallet withdrawing 37,000 SOL from Binance; Glassnode recorded an additional ~2 million new addresses since mid-October, bringing the total to 6.5 million.
Net withdrawals from CEX often reflect a longer-term holding intention, while new address growth indicates demand for using the network. These two signals help maintain FOMO despite weak technicals.
RWA could help Solana shed its 'speculative' label.
Possible. RWA brings real and institutional demand into the network, shifting the narrative from volatility to utility; however, short-term prices remain under pressure and SOL is at a turning point.
If RWA deployments achieve sustainable liquidity, they could diversify demand beyond memecoins/NFTs, reducing dependence on pure speculation cycles.
Suggestions for cautious investors regarding risk.
Focus on data rather than predictions: wait for confirmation from price structure and on-chain.
Indicator: Net Realized Profit/Loss, new address, CEX withdrawals/deposits.
Catalyst: launch of RWA fund/token issuance, institutional capital flow.
Cross comparison: SOL performance vs high-caps like BNB.
Frequently Asked Questions
Why has SOL dropped 27% YTD despite ecosystem growth?
Broad market pressure and bearish technicals dominate prices. Even as the ecosystem expands, especially with RWA, the sell-off and capitulation still hinder short-term performance.
What RWA projects are being implemented on Solana?
Bhutan tokenizing gold; Keel announces a $500 million fund; Ondo Finance preparing a tokenized liquidity fund on Solana. Nearly 80% of Solana's new collaborations are currently focused on RWA.
What does a 'deep red' Net Realized Profit/Loss mean?
That is when most transactions are realized at a loss, reflecting capitulation sentiment and diminishing holder confidence.
How many new addresses has Solana gained since mid-October?
About 2 million new addresses, bringing the total number of addresses with a balance to 6.5 million according to Glassnode.
What does the withdrawal of 37,000 SOL from Binance imply?
Withdrawals from exchanges usually indicate an intention to hold or use on-chain. This withdrawal trend, along with new address growth, shows that demand still exists despite weak prices.
Source: https://tintucbitcoin.com/solana-27-tu-dau-nam-rwa-fomo/
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