Quick bets on SOL have elevated to $6 billion, surpassing lengthy positions at $5.38 billion, in accordance with Coinglass information. The lengthy/brief ratio now stands at 0.96, suggesting that extra merchants are putting bets for extra value declines than on a restoration.
Market sentiment additionally paints a dismal image. Solana’s weighted sentiment, which measures traders’ 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 help stage since October 11. Analysts warn {that a} decisive drop under this stage might verify a bearish development. This might push SOL’s value right down to $205.56.
Nevertheless, a shift in sentiment might flip the tide. If bullish momentum builds, SOL may purpose for a restoration towards its earlier peak of $264.63.
For now, merchants are intently watching these ranges as Solana navigates elevated market strain and heightened uncertainty.