The recent Solana price action was marked by a slight decrease, because cryptocurrency failed to maintain support above $ 200. While the feeling of the market seems mixed, the panels suggest that Solana could potentially recover and climb higher.
However, the next few days will be crucial to determine if it can resume momentum or face new challenges.
Solana investors move to accumulate
Throughout July, Solana’s funding rate had remained positive, signaling the trader’s confidence in the potential of cryptocurrency. However, the financing rate is now approaching the point of becoming negative. If this happens, it would reflect decreasing optimism among traders.
The change of feeling is crucial, because a negative financing rate would point out that traders no longer bet on an increase in prices. Instead, they can anticipate other drops, which could lead to a higher concentration of short positions. This change would probably push the lower short -term price.
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Solana’s balance on exchanges dropped 2.03 million soil over last week, reporting increased accumulation. This indicates that investors buy $ 367 million in soil, probably in anticipation of future gains. As Solana’s price has decreased, many investors have accumulated tokens.
This accumulation, however, shows that investors expect Solana finally recovering. With more exchanges that leave exchanges, there is an increasing belief that prices could increase again, investors preparing to reserve profits once the price has rebounded.
Sol Price has not lost much
The Solana Prize is currently at $ 181, holding above the crucial level of support of $ 171. Although the cash market remains optimistic, mixed signals of the derivative market suggest that the soil price can face the downward pressure in the coming days.
If the downward trend continues, Solana’s price could decrease more to the fork by $ 165 or stay in the consolidation phase between $ 189 and $ 177 until a clear direction is established. This period of uncertainty can persist until market conditions stabilize.
However, if the accumulation continues to prevail over the down pressure of shorts, Solana could pierce $ 189 and convert it into a level of support. This change would allow the Altcoin to go up to $ 201, potentially invalidating the lower and reviving the bullish momentum.
Solana post holders engulf a soil of $ 367 million in a week in the middle of the price fall appeared first on Beincrypto.
