Solana price takes another tumble — Can SOL hold above $130?

📆 4/18/2024 1:30 AM
📰 Cointelegraph

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Solana price is trading near a critical support but multiple metrics suggest the downside could be limited.

Solana price is down 21% in a week, but on-chain and derivatives data highlights investors’ confidence that the network can overcome recent hurdles.) experienced a significant 21% decline over the past week, reaching its lowest point in nearly six weeks. This downturn triggered a substantial $113 million in liquidations of leveraged long SOL futures contracts since April 11, suggesting that investors may have been overly optimistic following SOL's 61% price surge in March.

The funding rate for SOL perpetual futures often serves as a gauge of market sentiment. A positive rate suggests a higher demand for leveraged long positions, whereas a negative rate indicates a preference for shorts, betting on a price decrease.The funding rate for SOL futures has been negligible since April 12, suggesting a balanced interest between long and short positions.

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