Solana (SOL) has experienced a significant drop of over 50% from its all-time high of $295, currently trading at $139. The cryptocurrency is struggling to maintain dominance above its 100-week Exponential Moving Average (EMA) and may potentially drop to $85 due to increased selling pressure and the broader market crash. The MACD and signal lines have shown a negative crossover, indicating bearish sentiment. However, the 20, 50, and 100 EMA lines in the weekly chart still show a positive alignment. The upcoming token unlock of 11.16 million SOL tokens worth $1.56 billion from FTX exchange is likely to put selling pressure on the market. Solana derivatives data analysis reveals increased volatility and a minor bearish dominance in the market. However, top exchanges like Binance and OKX show an extremely bullish ratio of bullish to bearish positions.



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