With 89 % of ETF approval opportunities, will the Sol price reach $ 160 this month or decrease to $ 120?
Solana has become more popular at the present time with increased optimism about the distinctive symbol. The main reason for the high possibility of the ETF Solana Convention is before all other ETF applications alongside XRP. On the other hand, the series outperformed the other platforms in terms of DeX’s activity and size, which hints towards the popular chain popularity compared to others. Despite the positive results and the current repulsion in the Sol price, this reason is afraid of the distinctive symbol of a decrease to $ 125.
Decrease in Solana Market data
Future markets have a tremendous impact on the upcoming price procedures as traders are betting on future price movements. Currently, the open interest (OI), the total number of open contracts that have not yet been closed, decreased significantly. With this, the size is constantly dropped.
This indicates that immediate traders are not sure of the next price procedure because OI is still less. With this, the fluctuation remains less, while maintaining the standardization price in a narrow range. On the other hand, the merchants seem to have become down on Solana, as short deals accumulate largely.
The graph above shows that short trade has increased significantly compared to long trade. This suggests that future traders believe that the price of Sol may drown in the coming days, as the price of the main plates in prices is 130 dollars and then 128 dollars. After the height above $ 135, the declining impact on the distinctive symbol increased. This indicates that the price may continue to stay within a unified range between $ 130 and $ 136 for a period of time.
Does the price of Solana return to $ 125?
Solana’s weekly chart appears to be very declining, as the price has decreased below the growing parallel canal and failed to restore levels. The purchase pressure increased constantly while the bulls entered several times. As a result, the price remained within the range, but the technologies suggest that the price may face a decrease soon.
Solana’s weekly chart indicates that the distinctive symbol is stuck within a declining range with a high price, but the weekly RSI flows. This hints towards a possible decline that can come close. While the price decreased to the channel without supporting the channel, if the distinctive symbol fails to restore levels before the weekend, the Solana price is afraid to decline to $ 125.
