Solana (SOL) market: Downtrend continues for 30 days
In the past 30 days, Solana [SOL] has lost up to 13.5% in value, clearly reflected in two long-term downtrends lasting four consecutive days within just 9 days. Currently, SOL is trading around 145.39 USD, reflecting a decline of 13.53% compared to last month. Daily and weekly charts are both establishing a negative trend, raising doubts about the potential for a reversal in the near future.
Market expertise: Why is Solana being sold off?
According to analysis from TinTucBitcoin, the selling pressure on Solana mainly comes from investors taking profits and hedging against losses as prices fall. Investors who were once profitable are quickly selling out to protect their profits, creating a negative spillover effect throughout the electronic market.
Data from Coinalyze shows that in the last four days, the total trading volume of SOL sold reached 386.5K, leaving a negative balance of 50K SOL, which is clear evidence of increasing selling pressure.
DEX activity is increasing but is not yet a positive signal
While SOL's price continues to decline, trading volume on DEXs (Decentralized Exchanges) has surged to 7.1 billion USD. This indicates that investors are willing to sell off and move to safer liquidity platforms amid volatility.
This increase in volume, along with the sell-off phenomenon in Futures, reflects a panic sentiment, warning of the potential for deeper price declines in the short term. Data from Messari shows that Solana's Futures volume has dropped to only 4 million USD, with 1.4 million USD in buy orders and 2.57 million USD in sell orders – evidence of the cautious sentiment among investors.
Support levels and Outlook Predictions
According to analyses from experts at Glassnode, the main support level for Solana is in the range of 145-147 USD, where approximately 13 million SOL is currently held. If this level is broken, the sell-off could quickly escalate and push prices further down. However, if it holds, the large holding investor group (below 155 USD) could help this Token recover back to the 155-157 USD range, where up to 31 million SOL are waiting to take profits.
Source: Glassnode
If the price maintains in the range of 145-147 USD, over 13 million Tokens will be in the hands of long-term investors, setting the stage for a potential recovery if resistance levels such as 155-157 USD and 166 USD are surpassed. Conversely, if the market USD index (PSI) continues to decline, Solana may face deeper downtrends as large speculative groups take profits or simultaneously exit, creating significant headwinds when resistance levels are broken.
Source: https://tintucbitcoin.com/solana-ban-386k-sol-du-bao-gia-tiep/
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