Solana (SOL): Quick Market Overview
Current Price: Solana (SOL) has been trading in the range of $137 in the last 24 hours.
Recent Trend: The recent recovery of SOL stalled near the $145 level, facing significant selling pressure. Overall, recent technical setups have suggested a price correction, with some analysts projecting a potential pullback toward the $100 support level.
Key Factors to Watch:
ETF Flows and Institutional Demand: Solana spot exchange-traded funds (ETFs) have recorded daily net outflows for the first time since their launch, which could indicate a decrease in institutional interest.
On-chain Network Activity: Key network metrics are showing weakness:
Total Value Locked (TVL): Solana's TVL has fallen approximately 20% in the last month. Projects like Jito, Jupiter, Raydium, and Sanctum have experienced notable declines in their TVL.
Network Fees and Active Addresses: Network fees have decreased by about 16%, and active addresses have fallen by around 6%, suggesting lower overall demand for the network.
External Events: The recent hacking of a hot wallet for Solana on a major exchange has added uncertainty and bearish pressure, as SOL deposits and withdrawals were temporarily halted.
Technical Conclusion: Bearish pressure persists. For SOL to change the trend, buyers would need to decisively push the price and maintain it above immediate resistance, possibly the Fibonacci level of 0.382 at $155, a level that currently seems difficult to surpass due to weak underlying network activity.$SOL
