Solana token fell essentially the most in November
Social metrics are unfavorable for the cryptocurrency
SOL has been consolidating for weeks and faces additional draw back
Solana (SOL/USD) was one of many worst-performing cryptocurrencies in November. The cryptocurrency got here from a excessive of $38 on November 5 however now trades at simply$13.55. The losses got here within the wake of the FTX collapse. Nonetheless, for nearly three weeks, SOL has been consolidating at or above $13. Does this sign the entry of consumers?
Solana’s consolidation comes amid a troubling on-chain exercise. In accordance with Santiment knowledge, Solana’s spot and futures markets are struggling, with the commerce volumes at month-to-month lows. As of December 2, the open curiosity on Solana was $208.9 million, a decline of 1.25%.
Moreover, short-position trades had been lively on Solana, with the funding charges remaining within the unfavorable territory. Additional indications had been that there have been extra lengthy liquidations ($207,000) than quick liquidations ($89,000) value of SOL.
Clearly, the information is towards SOL. Social metrics present restricted upside, with the sentiment unfavorable. Consequently, the newest consolidation could sign sellers’ exhaustion moderately than consumers’ entry. A break to the draw back would welcome a lower cost for SOL.
SOL consolidates at $13 amid bearish momentum
SOL/USD Chart by TradingView
Technically, SOL is bearish within the longer-term outlook. The RSI is escaping the oversold stage however nonetheless stays means beneath the midpoint. A slight restoration noticed SOL transfer to the 20-day MA, however the value upside continues to be muted.
When to purchase SOL?
Solana’s value continues to be bearish. Buyers trying to purchase SOL ought to look ahead to the bear market to subside earlier than scooping the token. A break beneath the consolidation zone might see SOL hit single-digit costs.
The place to purchase SOL
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Binance is among the largest cryptocurrency exchanges on this planet. It’s higher suited to extra skilled buyers and it gives a lot of cryptocurrencies to select from, at over 600.
Binance can also be identified for having low buying and selling charges and a a number of of buying and selling choices that its customers can profit from, corresponding to; peer-to-peer buying and selling, margin buying and selling and spot buying and selling.
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