17 hour ago
1 0
BEARISH 📉 : Solana funding rates negative for 17 days, bearish sentiment dominates
Solana Market Analysis
- Solana has experienced a 37.38% price drop over the past 30 days, remaining about 70% below its all-time high.
- Negative funding rates for Solana indicate dominant short trading, with traders betting on further price declines.
- The market has seen negative funding rates for 17 consecutive days, marking a new low in 2.5 years.
- Two potential scenarios are outlined:
- Continued downward trend due to weak spot buying and macro risk aversion.
- A possible short squeeze leading to rapid upward price movement as selling pressure exhausts.
Current Price and Trading Volume
- Solana currently trades at $88.01, reflecting a 3.81% gain in the last day.
- Daily trading volume is down by 24.9%, valued at $2.89 billion.
Price Levels and Support Zones
- According to the UTXO Realized Price Distribution (URPD) metric, $85.55 was previously a resistance zone.
- Solana's movement towards $88 suggests this area may now serve as a support, indicating a short-term demand zone.
