Solana was the worst of these days after increasing the pressure pressure. The last penetration has strengthened $ 1.5 billion in the BYBIT exchanging resistance levels. The last decrease in the price was also operated by low network activities. Many standards have now decreased on the series, indicating that the price of Sol may prepare for more pain in penetrating the resistance levels.
The number of Solana addresses decreased sharply
Solana’s price was already under pressure due to the wake of the MIM coin fraud, and she faced more challenges after a $ 1.5 billion theft of the BYBIT Exchange. According to Coinglass, the total Solana qualifiers approached 17 million dollars, as buyers and sellers liquidated about $ 14.3 million and $ 2.7 million in positions, respectively.
Despite these challenges, the Sol price has seen some positive momentum due to the excitement about the boxes circulating on the stock exchange (ETFS). Recently, Franklin Templeton has taken an important step by introducing the new investment funds in the field of investment funds that aim to track the immediate price of Solana, indicating an increase in interest in Sol.
Despite the positive developments, Solana’s standards on the chain were deteriorating. According to data from the bloc, the number of transactions on the Sol network decreased from 291 million to 273 million. Moreover, there was a significant decrease in active headlines, as the number decreased from a peak from 5.7 million to only 3.49 million.
Also read: Will Solana returned $ 180 before the end of the month? Here’s what is the next for Sol PRICE gathering
This declining trend in the main scales on the series indicates an increase in the Hepbody control of Solana. With the weakening of the network, the volatile rate diminishes to start an ascending gathering.
In addition, the Sol price may start with more landmarks with increased short situations. The data from Coinglass shows that the long/short percentage has decreased to 0.8993. It indicates that 53 % of the total trades are currently in short.
What is the following for the Sol price?
The encryption market is recovered, which leads to a strong correction in the Sol price after penetration. Buyers are now paying the price above the immediate FIB levels to continue the bullish momentum. As of the writing of this way, Sol PRICE is trading at $ 173, with more than 2.8 % in the past 24 hours.
The Sol/USDT trading pair continues to struggle below $ 180, indicating a strong dominance of the bears. This price level may be a major obstacle as STHS may continue to filter here. However, buyers may soon be broken above this level if the demand rises.
If the price drops below the EMA20 direction line on the graph for an hour, the sellers are likely to try to push it to the support level to $ 160.
However, as the RSI level continues to trade around the midfield at level 48, this may lead to re -testing the resistance channel. If the price can keep more than $ 180, this will prefer buyers. The trading pair can increase to $ 220.
