I made my last assessment here (which is probably already outdated since this moves very fast, but will try to create a new one soon), but this is mostly based on BTC indicators.
But overall it seems selling pressure has diminished, and retail and speculative behavior has come down significantly to the very high levels of December, with very early signs of long term holders reaccumulating. Which could mean a good entry point could be coming soon if the macro does not deteriorate further, because there is still a lot of unrealized profits.
Since Solana has been the beneficiary of meme coins is not surprising its experiencing the highest level of volatility.
The problem with Solana (and ETH) is this type of data is very scarce (and are younger coins to analyze historical patterns), sometimes Glassnode shares some things but their more detailed data is paid, and is for BTC. But I can try and see what I can find.
I currently think sentiment and on-chain flow indicators still play an important role for crypto, especially if we planning to time the market somewhat.
Fundamentals and adoption seem to be improving for crypto, even in terms of regulation in the US. But prices still experience these huge volatile swings.
Long term probably fundaments are way more important, but I think that does not eliminate the short-term swings for now, especially with macro and news shocks affecting sentiment.
I made a post-mortem analysis of the recent meltdown, and I think following closely some of these indicators we could have known better the likelihood of a correction was high.