Altcoin Solana has witnessed 30 % popular over the past thirty days. It has been circulated inside an upward channel since mid -April, with a highlight of the boom in buying pressure on the market.
However, this upscale momentum appears to face the important opposite winds, as the feelings of merchants begin to transform.
The long/short/short percentage reaches a monthly level
According to Coinglass data, the long/short Solana ratio has decreased to 0.86, its lowest level in the past thirty days. This decline indicates that the descending feelings are at the highest point in one month, as merchants are increasingly preferred short positions for a long time.
The long/short percentage measures the percentage of long situations to stimulate short situations on the market. When the ratio is higher than one, there are long situations than short situations. This indicates a bullish feeling, as many traders expect the price of the original.
On the other hand, a long/short percentage less than one indicates preferences for short sites where traders are betting on the low price of the original.
For Sol, the decrease in the ratio indicates that there is an increasing number of traders in determining a withdrawal location, as they expect the currency rally to lose more steam. If this trend continues, Sol may face short -term pressure, which increases the possibility of monotheism or a decrease from its last highest levels.
Moreover, on the daily chart, the Seoul’s negative balance of power (BOP) emphasizes this downward view. To this writing, this main momentum stands at -0.32.
The BOP index measures the purchase force against the sale of the original pressure. When it is negative, it indicates that the sellers are currently dominating the market, indicating an increase in the attraction of profits or landfill.
Solana faces pressure pressure with the market cooling
Amid the lowest market decreased last day, the Sol price decreased by 3 %. If short interest continues to rise and sell pressure operations, the currency may be struggled to maintain the last penetration levels in the coming days.
In this case, the Sol price can collapse from the lower line from an upward channel, which is currently formed in support at $ 161.85. The rest of this level strengthens the low prices and can force Sol to decline to $ 142.32.
However, if the bulls regain hegemony and buy pressure screws, the Sol value may reach $ 181.45.
Disintegration
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