In the early hours, a cold and chilling alert popped up on the professional trading terminal—$SOL has fallen into a deeply oversold region rarely seen in its lifecycle.

On the other end of the screen, most people's eyes only see red numbers and spreading panic. But if you understand how to read on-chain data, there's another scene unfolding before you.

The derivatives market is telling a familiar story: funding rates have plunged into negative territory, yet open interest has not dropped in tandem—indicating that short squeeze is nearing its end. Even more interesting, large transfers on exchanges are quietly reversing direction, with funds flowing into long-term custody addresses. This "atypical" phenomenon often hints at something.

The social buzz is diverging wildly from the price: discussion volumes have sharply declined, and the market has entered a strange "numb" state. This is eerily similar to the atmosphere during the 2023 bear market bottom and the liquidity wipeout in early 2025.

History doesn't repeat, but certain patterns tend to cycle. Silence often breeds opportunity, and smart money has already begun accumulating chips in the shadows. This time, perhaps, there are no exceptions.