币界网报道：Just a month ago, Solana [SOL] was looking ahead to breaking $180. Now, even after a sharp 7% rebound, it’s barely holding $150, marking a 30% plunge in less than three weeks. While some may blame weakness across the market, the data tells a clearer story. Among the majors, SOL’s decline is significantly deeper, suggesting a structural breakdown rather than simple correlation decay. Here’s where it gets interesting. This sustained underperformance may not be entirely market-driven. Instead, it may be the result of a feedback loop — one that has kept SOL range-bound, with retail investors caught in the middle. Solana Faces Strong Underwater Resistance Solana still hasn’t returned to $200, not at the end of Q1, and not throughout Q2. There’s a good reason for that. When SOL surged to $180 last month, about 86% of the supply was in profit. Fast forward 30 days, and that number has been halved. This shift suggests that the wall of sell-side liquidity is growing, making the $180 region a heavy supply wall. Solana’s UTXO Realized Price Distribution (URPD) reinforces this dynamic. It shows a concentrated cost base between $144 and $168, with a peak cluster located between $155 and $165, perfectly aligned with current price levels. If SOL pushes toward $180, these holders will begin to turn profitable, introducing greater selling pressure at the breakout point. While a well-coordinated bullish push could clear this wall and open the path to $200, this is where the feedback loop tightens. Smart Money Lacks Clear Direction While Ripple [XRP] remains range-bound, failing to break through key resistance levels, it still managed to limit its monthly losses to 25%, less than Solana’s 30% drop. But AMBCrypto believes the real story lies in the difference in smart money behavior. XRP shows signs of gradual absorption, with bulls quietly accumulating. In contrast, Solana’s whales are reinforcing the range, constantly buying on dips and selling near resistance, effectively tightening the feedback loop. On-chain data supports this: the number of whale wallets (>10k SOL) surges every time SOL approaches a local top, but drops sharply as the price retreats. This cycle of tactical accumulation and distribution has limited SOL from absorbing the sustained sell-side liquidity near $180. Before the smart money shifted to directional conviction, a move to $200 now looks more like hope than a setup, which officially puts the breakout narrative on pause.