Comparing unrealized losses, Solana and XRP are significantly higher than Bitcoin and Ethereum. Glassnode’s on-chain data indicates that a large percentage of SOL and XRP holders are still experiencing 65 to 75% in unrealized losses, suggesting weaker positioning in altcoins and slower recovery strength.
SOL and XRP Holders In Deep Loss
Based on the Market Relative Unrealized Loss chart, SOL’s loss stands at around 0.8, while XRP is at approximately 0.3. In contrast, Bitcoin and Ethereum are closer to 0.1 or lower.
This clearly shows that more SOL and XRP holders are still facing losses, while BTC and ETH holders are in a better position.
SOL consistently experiences higher spikes in unrealized losses, particularly during major downturns like late 2022 and 2026. These spikes indicate panic phases where a significant number of holders bought at higher prices and are now holding losses.
XRP spiked to around 0.6 during the same period. In contrast, BTC and ETH never surpassed 0.5 even at their lowest points on this chart.
Looking at the current 2026 cycle, Bitcoin has dropped from its peak of approximately $126K to around $74K. During this decline, Solana and XRP are facing larger losses compared to Bitcoin and other major coins, indicating weaker recovery.
Solana & XRP Face Weak Demand and Bearish Signals
Price charts, on-chain data, and derivatives data all point towards diminishing demand and a bearish market setup for Solana and XRP.
Solana is witnessing pressure as institutional and retail interest diminishes. ETFs related to Solana have experienced consecutive weeks of outflows, with weak inflows in the current week. Retail activity is also slowing down.
Derivatives data reflects this weakness, with Solana’s Open Interest decreasing by 4.57% to $4.98 billion, and funding rates turning negative at -0.0046%, indicating a shift towards short positions. The long-to-short ratio of 0.9798 further confirms a slightly bearish sentiment.
As a result, SOL is currently priced around $83.44, down nearly 72% from its peak.
XRP is following a similar trend, albeit less severe. ETF inflows for XRP have slowed, indicating weakened institutional demand despite limited outflows.
In terms of derivatives, XRP Open Interest has declined by 2.87% to $2.48 billion, with funding rates at -0.0006% suggesting mild short positioning. XRP is trading near $1.35, down approximately 65% from its all-time high.
Why Bitcoin & ETH are Recovering Faster
Bitcoin’s resilience stems from being the preferred choice when the market shows signs of recovery. Investors typically turn to Bitcoin first as it is considered the safest and most reliable cryptocurrency.
This explains why Bitcoin has maintained stability around $74K.
Ethereum, while not as strong as Bitcoin, is still performing better than most altcoins.
In contrast, Solana and XRP are facing significant pressure and larger losses, hindering their recovery pace.
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