The Rise and Fall of SOL: A Star in the Crypto Asset World
SOL has been on a meteoric rise, shining as a brilliant star among the top crypto assets! However, the trend of altcoins continues to be dismal.
Despite a catastrophic plunge in the cryptocurrency market over the past 24 hours, Solana [SOL] has shown remarkable resilience and staged a thrilling comeback! But despite the price recovery, derivative market traders have remained surprisingly indifferent to this astonishing rebound.
Solana’s performance in the last 24 hours has been outstanding, with a staggering 8% surge, catapulting it to the top five crypto assets! This performance is particularly remarkable when compared to other major cryptocurrencies, with Ethereum [ETH] achieving only a marginal increase of just over 1%.
At the same time, other major crypto assets have experienced negligible changes, with fluctuations of less than 1%, hovering between minor gains and losses.
AMBCrypto’s observation of Solana’s daily price trends has provided a detailed snapshot of its recent market behavior. Despite a significant downturn on June 23, Solana managed to achieve a notable recovery on June 24, closing at around $132, marking a 2.8% increase.
As of the time of writing, Solana’s trading price is around $138, representing a further 4% increase. However, technical indicators mercilessly indicate that Solana is still mired in a bearish trend.
These indicators suggest that while Solana has shown some bullish signs in the short term, it has not yet formed a strong enough rebound to change the long-term trend.
AMBCrypto’s observation of Solana’s weighted funding rate on Coinglass has provided valuable insight into traders’ current sentiment and positions. The financing rate is positive but declining, indicating that while buyers still dominate, their influence is waning.
This change suggests that traders are becoming more cautious and less willing to pay a premium for holding long positions, potentially paving the way for sellers to gain greater influence in the market.
