After staging a remarkable performance at the start of this cycle, Solana [SOL] seems to be caught in an odd loop at the moment.
Despite a bearish trend, SOL hints at the potential for recovery if bullish triggers emerge.seems to be caught in an odd loop at the moment. Its price has stagnated, and neither the bulls nor the bears seem to be in charge.
At a glance, it seems SOL doesn’t know what to do. Is there a recovery on the horizon? Or is it a crash?SOL has been caught between $158 and $173 for the past two weeks. Recently, the 50-period moving average crossed below the 200-period moving average, a classic bearish signal in technical analysis known as a “death cross.”The price action shoeds a sharp drop followed by intense consolidation.
The overall long/short ratio of 0.9324 on a 24-hour basis shows an almost equal preference for long and short positions, reflecting the market’s uncertainty about Solana’s next move.However, on Binance and OKX, the long/short ratios are notably higher , suggesting a more bullish sentiment among traders on these exchanges.
The concentration of liquidations, particularly short liquidations during price spikes, implies a market that is somewhat prone to sudden bullish runs, which can aggressively squeeze short sellers out of their positions. Overall, there might be room for a small rally if external factors or market sentiment can provide enough bullish momentum.Jai Hamid works as a freelancer cryptocurrency journalist, specializing in blockchain technology. With a keen eye for detail and a knack for breaking down complex topics, she helps demystify blockchain for a wide audience, ranging from novice enthusiasts to industry experts.Subscribe to get it daily in your inbox.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Solana ETF hype: Checking the impact on Solana’s memecoinsThe current Solana memecoin frenzy and increasing investor sentiment for Solana suggest a positive impact on Solana-based memecoins.
Read more »
Can Solana reignite ‘Solana Summer’ amid price stagnation?Solana [SOL] has been the cryptocurrency market’s best performer in the past year.
Read more »
Solana price prediction: Will SOL break out to hit $500 this cycle?For the last seven days, Solana's [SOL] price struggled to produce an impressive run. According to data from CoinMarketCap, the price of SOL
Read more »
Solana beats Ethereum: Time to ditch ETH for SOL?Solana has seen more activities than Ethereum in the last few days, with the former seeing its active addresses in millions.
Read more »
Did Solana’s $4.86B TVL milestone impact SOL’s price?Solana has seen impressive volume trends in the past few months and has stayed over the $1 billion threshold.
Read more »
Solana welcomes PayPal’s PYUSD: Will it help SOL prices?PayPal's PYUSD stablecoin is now available on the Solana blockchain, offering faster and cheaper transaction capabilities.
Read more »