Solana made it possible to do less and more these days after the increase in sales pressure. The recent hack worth $ 1.5 billion in the exchange of appeal reinforced the resistance levels. The recent drop in price has also been triggered by low network activities. Several chain metrics have now decreased, suggesting that the soil price could prepare for more pain to unravel the levels of resistance.
The number of Solana addresses falls strongly
Solana’s price had already been under pressure due to the consequences of the scam of the same corner, and it was confronted with other challenges following a flight of $ 1.5 billion in the bybit exchange. According to Coinglass, the total Solana liquidations approached $ 17 million, buyers and liquidating sellers about $ 14.3 million and $ 2.7 million in posts, respectively.
Despite these challenges, the soil price has experienced positive impetus due to the excitement concerning the negotiated stocks (ETF) funds. Recently, Franklin Templeton made an important step by depositing a new ETF which aims to follow the cash price of Solana, signaling an increasing interest in soil.
Despite the positive developments, the measurements on the Solana chain have deteriorated. According to block data, the number of transactions on the ground network has increased from 291 million to 273 million. In addition, there was a significant drop in active addresses, the counting from a peak of 5.7 million to only 3.49 million.
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This downward trend in metrics on the key chain suggests an increase in lowering control for Solana. As network activity is weakening, the volatility rate for the initiation of an upward rally decreases.
In addition, the soil price could initiate an additional drop rally as short positions increase. Co -Co -Coin data show that the long / short ratio fell to 0.8993. This suggests that currently, 53% of the total transactions are in short.
What is the next step for Sol Price?
The cryptography market is recovered, resulting in a high correction of the resolution price according to the hacking of Bybit. Buyers are now pushing the price above immediate FIB levels to pursue the rise up. During the editorial staff, the ground price is negotiated at $ 173, which has increased by more than 2.8% in the last 24 hours.
The pair of soil / USDT trading continues to fight below $ 180, indicating a strong domination of the bears. This price level could be a major obstacle because STHS could continue to liquidate itself here. However, buyers could soon exceed this level if demand increases.
If the price falls below the EMA20 trend line on the one hour table, the sellers will probably try to push it back to a level of support of $ 160.
However, with the RSI level continuing to negotiate around the midline at level 48, it could trigger a retaining of the resistance channel. If the price manages to maintain more than $ 180, it would promote buyers. The trading pair could then increase to $ 220.
