kicked off this week in a bearish tone after peaking at $48.38 on 13 August. Fast forward to the present and it is about to fall below $40 if the bears continue their assault.SOL has been trading within its current ascending channel since mid-June. It is underscored by support and resistance, and the price just retested the former in the last 24 hours.It further bounced off just above the same support earlier this month and interacted with the same support a few hours prior to press time.
The crypto market’s volatile and unpredictable nature might turn out in favor of the bears. But, some on-chain metrics were leaning in favor of the bulls at press time. SOL’s social dominance increased slightly in the last 24 hours. Hence, the cryptocurrency gained some visibility during this time. Its Binance funding rate also dropped sharply during this period. Even so, it has also registered a strong bounce back during the same period.The Binance funding rate’s bounce back confirms a sentiment change, which aligns with the resistance retest.SOL’s recovery can be credited to positive news regarding Solend, its native lending, and borrowing DeFi protocol.This development may fuel more demand for SOL, especially in the mid to long-term.