| Cryptocurrency | Price (USDT) |
|---|---|
| BTC | $107358.3700000000 |
| ETH | $2439.6680000000 |
| BNB | $649.9543600000 |
| XRP | $2.1859570000 |
| ADA | $0.5612569000 |
| SOL | $149.9902000000 |
| DOGE | $N/A |
| DOT | $3.4047100000 |
| LTC | $86.7774000000 |
| LINK | $13.4217200000 |
Category: CRYPTO NEWS
The post Solana Slides 13 % but On-Chain Metrics Hint at Recovery appeared on BitcoinEthereumNews.com. Despite Solana (SOL) slashing 13% of its value in the past week, it’s still game on for the sixth-largest cryptocurrency based on market capitalization, thanks to bullish on-chain metrics. Positive Funding Rates Come Into Play Per CoinGlass data, Solana’s funding rate continues to be in the green after hitting 0.0041%. Since a funding rate is a periodic payment exchanged between long and short traders to keep the futures price in line with the underlying spot price of the asset, a positive one shows that more traders are eager to go long, meaning they are betting on the price rising. Therefore, a positive funding rate indicates that the perpetual futures price is higher than the spot price, signaling strong buying pressure from traders expecting Solana’s price to rise. This usually aligns with bullish market sentiment since traders are willing to pay extra because they believe the rally isn’t over. This on-chain metric suggests that Solana might be gearing up to reclaim the psychological price of $200. Market analyst Lingrid is of a similar opinion that SOL is staring at an upside drive after recently bouncing from the $152.85 support zone. She added, “The asset is now consolidating inside a small range, indicating possible accumulation before a move higher. If this consolidation breaks to the upside, the next key target lies at the $172 resistance trendline. Sustained strength above the range midpoint would further confirm bullish intent.” Source: Lingrid According to CoinGecko data, Solana was hovering around $156.88 at the time of writing. Is Solana Eyeing a Short-Term Recovery? With Solana recently rebounding from the lower Bollinger Band on the daily chart, the altcoin might be getting ready for a short-term recovery, which might ignite the fire for a momentous leg up. Source: Crypto Andy When price touches the lower band, it…
2025-06-04T08:45:07+00:00
https://bitcoinethereumnews.com/tech/solana-slides-13-but-on-chain-metrics-hint-at-recovery/?utm_source=rss&utm_medium=rss&utm_campaign=solana-slides-13-but-on-chain-metrics-hint-at-recovery