Solana token fell essentially the most in November
Social metrics are damaging 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. Nevertheless, 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. Based on 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%.
Apart from, short-position trades have been lively on Solana, with the funding charges remaining within the damaging territory. Additional indications have 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 damaging. Consequently, the newest consolidation could sign sellers’ exhaustion slightly than patrons’ entry. A break to the draw back would welcome a cheaper price for SOL.
SOL consolidates at $13 amid bearish momentum
Technically, SOL is bearish within the longer-term outlook. The RSI is escaping the oversold stage however nonetheless stays method under the midpoint. A slight restoration noticed SOL transfer to the 20-day MA, however the worth upside remains to be muted.
When to purchase SOL?
Solana’s worth remains to be bearish. Buyers seeking to buy SOL ought to await the bear market to subside earlier than scooping the token. A break under the consolidation zone might see SOL hit single-digit costs.
The place to purchase SOL
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Binance is likely one of the largest cryptocurrency exchanges on this planet. It’s higher suited to extra skilled traders and it provides numerous cryptocurrencies to select from, at over 600.
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