Solana 24-hour news highlights: Panic alarm and ETF recovery
In the past 24 hours, the Solana (SOL) market has faced a sharp decline, with prices plummeting from about $140 to $124.35, a drop of 10.32%. The 24-hour trading volume surged to $5.665 billion, triggering over $30 million in long liquidations. This wave of 'December panic' is related to Bitcoin's synchronized drop to $87,000, resulting in a total market value evaporation of over $50 billion. FXStreet analysis indicates that SOL futures open interest has plummeted by 6.17% to $7 billion, with risk aversion in the derivatives market rising. Japanese government bond yields have surged, and expectations of a Federal Reserve rate cut have led to a global sell-off; the RSI indicator is nearing the oversold zone at 30, and although the MACD shows slight bullish signs, if it falls below the $126 support, it may head straight for the $112 low.
Despite the gloomy outlook, positive signs are quietly emerging. CoinGlass data shows that the net inflow of US SOL spot ETFs reached $5.3 million, and the Bitwise BSOL fund increased its holdings by 93,000 SOL in one hour, boosting institutional confidence. Bloomberg analysts predict that by 2025, SOL ETFs will be on par with BTC and ETH, potentially doubling their market value; on-chain activity has skyrocketed, with the meme coin ecosystem like WOJAK's market cap soaring 38% to $60 million, highlighting Solana's high throughput appeal. South Korean experts warn that the Upbit hacking incident may involve a nonce vulnerability in Solana transactions, calling for an upgrade of security protocols.
Looking ahead to December, the SOL technical outlook presents a descending channel, with a possibility of revisiting $120 in the short term; however, the ETF craze and DeFi expansion may help it rebound to the $140 level. Investors should be cautious of leverage traps and focus on fundamental opportunities.
