Quick bets on SOL have elevated to $6 billion, surpassing lengthy positions at $5.38 billion, in line with Coinglass information. The lengthy/brief ratio now stands at 0.96, suggesting that extra merchants are putting bets for added value declines than on a restoration.
Market sentiment additionally paints a dismal image. Solana’s weighted sentiment, which measures buyers’ attitudes, at the moment stands at -0.40. Readings under zero point out that merchants have gotten more and more conservative. Social media discussions reveal bearish expectations and decrease buying and selling volumes.
On the technical entrance, the 20-day Exponential Transferring Common (EMA) is at the moment at $226.52. It has been appearing as an important assist stage since October 11. Analysts warn {that a} decisive drop under this stage might affirm a bearish pattern. This might push SOL’s value all the way down to $205.56.
Nonetheless, a shift in sentiment might flip the tide. If bullish momentum builds, SOL would possibly goal for a restoration towards its earlier peak of $264.63.
For now, merchants are carefully watching these ranges as Solana navigates elevated market strain and heightened uncertainty.
