Bhutan Rolls Out Solana-Backed Visas Even As Demand Stays Weak

Bhutan has launched the world’s first Solana-backed visa for digital nomads, building on its earlier issuance of a gold-backed token, TER, on the Solana blockchain. These moves expand sovereign adoption of Solana-based infrastructure, but wider uptake has not yet produced clear bullish momentum for SOL.

On-chain metrics point to cautious behavior among holders. Realized losses have risen to $317 million amid weak demand, and during the past 24 hours realized losses jumped by $68 million as investors sold at a loss to preserve capital. Derivatives markets reflect the same defensive stance, with liquidation data showing short positions currently dominating long exposure.

The liquidation map indicates $1.15 billion in potential short liquidations if SOL climbs to $89, compared with $242 million in long liquidations if the price falls to $67. Price action remains fragile, with SOL trading near $76 and Bollinger Bands converging toward a volatility squeeze that often precedes sharp moves.

Bhutan

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