📉 SOL’s Recent Struggles: Solana ($SOL ) has dropped 13.20% over the past month and is down 2.93% on the daily chart, trading at $209.44. After hitting a low of $199.39, SOL now sits in a strong support zone, historically linked to buying interest.
📊 Increased Trading Activity: Daily transactions on the SOL network surged to 67 million, the highest in recent months. While the decline in price suggests selling pressure, this activity could signal the start of a bullish reversal as SOL approaches critical support levels.
💼 Exchange Outflows Signal Bullish Sentiment: Over $264 million worth of SOL has been withdrawn from exchanges in the past 96 hours, with $46.26 million moved out in the last day alone. This trend indicates long-term commitment from traders, reflecting growing confidence despite recent price dips.
⚡ Positive Funding Rates: The funding rate remains positive at 0.0057%, suggesting that bullish long traders are maintaining upward momentum between spot and futures prices.
📈 Bullish Shift in Liquidations: Recent long liquidations totaled $21.35 million, but short liquidations have now exceeded $936,150 over the past 4 hours. This reflects a shift toward bullish sentiment, with Open Interest rising 0.62% to $3.52 billion, supporting upward price movement.
🔥 Conclusion: With rising transactions, strong exchange outflows, and shifting sentiment in liquidations, Solana could be poised for a price rebound, potentially setting the stage for new highs. 🚀📊
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