The price of Solana (SOL) has been experiencing significant volatility, dropping to a multi-week low as investor confidence wavers. Recent data shows a notable decrease in user activity and funding rates, with the funding rate for SOL dropping by 81% in the last 48 hours. This decline in bullish sentiment suggests growing concerns, leading traders to hedge against potential downside risk. Additionally, Solana's active addresses have reached their lowest point in December, indicating waning interest and raising concerns about its ability to attract demand. If Solana fails to secure support at $221, its price may decline further, while a breach of that level could lead to a stronger market sentiment and a potential move towards its all-time high.



Other News from Today