Spot selling pressure is occurring alongside sideways price action, suggesting distribution that could leave SOL vulnerable to breakdown

"Kamino can automatically liquidate collateral if the loan-to-value ratio reaches 75%, increasing the company's exposure to a sharp decline in SOL. More than half of those holdings were already tied to borrowing, with 252,851 SOL pledged to Kamino Finance against roughly C$13.9 million of debt."

"SOL is going sideways. But spot is selling. This looks like distribution. Distribution occurs when sellers gradually reduce their holdings while the price remains inside a narrow range. It can leave the market vulnerable to a breakdown once short-term buying demand fades."