Recent on-chain data analysis indicates that approximately 79.6% of the circulating Solana (SOL) supply is currently held at a loss. This equates to roughly 478.5 million SOL tokens being underwater at current price levels around $127. The high percentage of supply in loss underscores a "top-heavy" market structure, suggesting that significant accumulation occurred at higher prices. This distribution points to potential overhead resistance as the market attempts to recover, as holders may look to exit positions at break-even points. [Update 1] New data provides comparative context for these figures. While Solana sees nearly 80% of its supply held at a loss, the figures for major cryptocurrencies are significantly lower: more than 35% of Bitcoin and around 40% of Ethereum supplies are held at a loss. This disparity highlights that Solana holders are currently under greater financial stress relative to investors in the two largest assets by market cap.