- SOL continued to see positive trends, standing out as a top crypto asset.
However, the trend of the altcoin remained bearish.
As a researcher with experience in analyzing crypto market trends, I’ve been closely monitoring Solana [SOL]. While SOL continued to see positive trends and stood out as a top crypto asset, the trend of the altcoin remained bearish.
In contrast to the cryptocurrency market’s decline over the past day, Solana (SOL) showed robustness by rebounding strongly.
As a crypto investor, I’ve noticed that while the cryptocurrency prices have shown signs of recovery, the activity in the derivatives market hasn’t matched this trend. The traders in this market seem to be taking a more cautious approach.
Solana sees a strong 24-hour outing
As a cryptocurrency market analyst, I’ve observed notable growth in Solana’s value within the past 24 hours. Based on figures from CoinMarketCap, this digital asset has experienced an increase of more than 8%.
As an analyst, I would highlight that this cryptocurrency’s growth outperforms other notable competitors significantly. For example, Ethereum [ETH] recorded only a slight rise of around 1% in value during the same period.
During this period, the other leading cryptocurrencies underwent minimal price fluctuations, ranging from tiny increases to decreases.
Solana trends positively
In simpler terms, AMBCrypto analyzed the daily price patterns of Solana, offering an in-depth perspective on its current market movements.
SOL’s price took a dip to begin the week, decreasing by roughly 3.8% on June 23rd. The cryptocurrency ended the day around $128.63.
In contrast to the broader market decline on June 24th, when Bitcoin [BTC] and many altcoins experienced significant drops, Solana showed remarkable resilience and ended the day at approximately $132, representing a gain of more than 2.8%.
At the present moment, Solana’s price stood approximately at $138 with a rise of more than 4%, signifying a continued upward momentum. However, technical analysis points towards Solana continuing to follow a downward trend.
The short moving average (represented by the yellow line) usually acts as a flexible barrier to downward price movements for the security. At that point, it was trading beneath this average.
As a researcher examining market trends, I’ve observed that the Relative Strength Index (RSI) has continued to stay below the 50-mark threshold. This observation implies that the overall market momentum is still inclined towards the downside.
As an analyst, I’ve observed some positive signs for Solana in the short term, but the crypto asset hasn’t yet managed to regain sufficient strength to reverse its longer-term downtrend.
SOL positive sentiment wanes
In their analysis of Solana’s Weighted Funding Rate on Coinglass, AMBCrypto provided enlightening information about the prevailing trader sentiment and open positions in the market.
At present, the Funding Rate was positively trending yet decreasing, hovering approximately at 0.0003%. This indicated that although buyers were in control, their power was weakening.
The proposed modification indicated a growing reluctance among traders to maintain long positions, potentially empowering sellers to exert greater control within the market.
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2024-06-26 05:11