Solana token fell probably the most in November
Social metrics are unfavourable 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 patrons?
Solana’s consolidation comes amid a troubling on-chain exercise. In accordance with Santiment information, 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 energetic on Solana, with the funding charges remaining within the unfavourable territory. Additional indications had been that there have been extra lengthy liquidations ($207,000) than quick liquidations ($89,000) price of SOL.
Clearly, the info is in opposition to SOL. Social metrics present restricted upside, with the sentiment unfavourable. Consequently, the newest consolidation could sign sellers’ exhaustion quite than patrons’ 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 degree however nonetheless stays method beneath the midpoint. A slight restoration noticed SOL transfer to the 20-day MA, however the value upside remains to be muted.
When to purchase SOL?
Solana’s value remains to be bearish. Buyers seeking to purchase SOL ought to anticipate the bear market to subside earlier than scooping the token. A break beneath the consolidation zone may see SOL hit single-digit costs.
The place to purchase SOL
eToro
eToro provides a variety of cryptos, reminiscent of Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro customers can join with, study from, and replica or get copied by different customers.
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Disclaimer
Binance
Binance is likely one of the largest cryptocurrency exchanges on the planet. It’s higher suited to extra skilled traders and it provides a lot of cryptocurrencies to select from, at over 600.
Binance can 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, reminiscent of; peer-to-peer buying and selling, margin buying and selling and spot buying and selling.
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