This Is Why Solana’s (
SOL• Отдых, развлечения » Хобби » Коллекционирование » Нумизматика » Монета » Соль (монета)) Brief
Stint Above $200
May Be Nearing
Its End
Solana’s price has recently witnessed a significant uptick, surpassing the
$200 mark and peaking at a three-year high of $225.21. This Solana price surge
has been fueled by the broader cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта market s positive momentum
and the uptick in demand for the Layer 1(L1) blockchain• Информационные технологии » Информационно-коммуникационные технологии » Информационные технологии и телекоммуникации » Базы данных » Публичная база транзакций » Блокчейн
• Высокие технологии » Информационные технологии и телекоммуникации » Базы данных » Публичная база транзакций » Блокчейн network.
However, with buying pressure waning and profit-taking on the rise, Solana has
started to shed some of its recent gains. This suggests a possible pullback
below the $200 mark in the meantime. How likely is this scenario?
Solana Traders Begin Taking Profits
Sponsored
Sponsored
SOL• Отдых, развлечения » Хобби » Коллекционирование » Нумизматика » Монета » Соль (монета) currently trades at $202.51 , noting a 5% decline in price over the past
24 hours. Notably, its trading volume has surged by 3% during the same period,
highlighting the uptick in selling pressure. Solana Price and Trading Volume.
Source: Santiment
When an asset’s price declines while trading volume climbs, it indicates an
increase in selling activity as more market participants actively distribute
their holdings. This combination of falling prices and rising volume suggests
a strong bearish sentiment in the market.
It confirms that during the period under review, many SOL• Отдых, развлечения » Хобби » Коллекционирование » Нумизматика » Монета » Соль (монета) traders have chosen
to sell their coins rather than buy more. This has pushed the coin• Отдых, развлечения » Хобби » Коллекционирование » Нумизматика » Монета’s price
downward as the supply being sold has overwhelmed the demand to purchase it.
Sponsored
Sponsored
Moreover, the coin• Отдых, развлечения » Хобби » Коллекционирование » Нумизматика » Монета’s negative Balance of Power (BoP) supports this bearish
outlook. This indicator, which measures the strength of buyers versus sellers
in the market, is at -0.43 at press time. A negative BoP suggests sellers are
in control and attempting to push the asset’s price further downward. Solana
BoP. Source: TradingView
SOL• Отдых, развлечения » Хобби » Коллекционирование » Нумизматика » Монета » Соль (монета) Price Prediction: The $193.92 Price Level Is Key
Additionally, the surge in Solana’s funding rate suggests a possibility of a
continued pullback below the $200 price mark. As of this writing, it has
spiked to an eight-month high of 0.037%. Solana Funding Rate. Source:
Santiment
The funding rate is a mechanism used in perpetual futures contracts to keep
the contract s price aligned with the spot price of the underlying
asset. When the funding rate spikes, it often indicates a strong market
imbalance—typically with buyers in control. This is seen as a bearish signal,
which signals an imminent price pullback.
Sponsored
Sponsored
This happens because as holding long positions becomes costly, some traders
may opt to close out to avoid high funding fees, which can create downward
pressure on the asset’s price. Additionally, if the asset’s price begins to
decline, highly leveraged long positions are at risk of liquidation,
potentially triggering a cascade effect that could drive the price down even
more.
At press time, SOL• Отдых, развлечения » Хобби » Коллекционирование » Нумизматика » Монета » Соль (монета) is trading at $202.51, holding just above its support level
of $193.92. Increasing selling pressure could drive the coin• Отдых, развлечения » Хобби » Коллекционирование » Нумизматика » Монета’s price to retest
this critical support. If bulls are unable to defend this level, it confirms
the downtrend, pushing SOL• Отдых, развлечения » Хобби » Коллекционирование » Нумизматика » Монета » Соль (монета)’s price further down toward $169.36. Solana Price
Analysis. Source: TradingView
On the other hand, a strong defense of this support level could lead to a
rebound, reinitiating the Solana price surge. If this happens, SOL• Отдых, развлечения » Хобби » Коллекционирование » Нумизматика » Монета » Соль (монета)’s uptrend
has the potential momentum to retest its three-year high of $225.21.
Best crypto platforms in Europe | November 2024
YouHodler Explore
Wirex App Explore
Coinbase Explore
BYDFi Explore
Margex Explore
Best crypto platforms in Europe | November 2024
YouHodler Explore
Wirex App Explore
Coinbase Explore
BYDFi Explore
Margex Explore
Best crypto platforms in Europe | November 2024
YouHodler
Wirex App
Coinbase
BYDFi
Margex
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for
informational purposes only and should not be considered financial or
investment advice. BeInCrypto is committed to accurate, unbiased reporting,
but market conditions are subject to change without notice. Always conduct
your own research and consult with a professional before making any financial
decisions. Please note that our Terms and Conditions , Privacy Policy , and
Disclaimers have been updated.