Solana is down 10% from its high price of $140.19 on the 30th November.
This broke a record. At the time this article was written, it traded at $126.02 on Friday 28th November. The news broke that the spot exchange-traded fund (ETF) had its first daily outflow on Friday 28th November. 21-day streak Inflows
The mood did not change over the weekend. low liquidity In the evening hours on Sunday, there was a sharp correction across all markets.
Change is inevitable Solana developers were proposing Would improve scarcity over the long term, but would also decrease staking reward.
This proposal is a good idea Solana’s The most important tokenomics decision made since the launch. This decision is not approved yet. How has this affected the SOL prices?
Analysis of technical issues
On the daily timeframe, there is a clear bearish trend. If the lower low of $121.66 is breached (cyan), it would indicate that the next move in bearish direction was underway.
It was important to defeat this supply zone.
SOL/USDT trading view
Solana returned to long-term support of $126.7 on the 1-hour chart.
In the last ten days, $125 to 127 has proven itself as a key demand area. The large deficit from $129.7 up to $137, was a supply zone overhead.
Health check for the indicator
The CMF on both daily and hourly timeframes was under -0.05, indicating significant capital outflows. Both the Stochastic RSI (Relative Strength Index) and moving averages showed a bearish trend on both timeframes.
Key Levels
You can get $121.66 You can also find out more about the following: $144.7 The current structure was vital. The direction to take next would be determined by the breakage of any of these levels.
The current situation is not encouraging. It meant that there was a decrease in the $95-$105 Support zone can be revisited.
Short-term, this will be the most effective way to reduce the amount of waste. $125-$127 Support area may drive minor Solana prices. Above, there was a significant short-term barrier. $130-$137.
Conclusions
- Solana was rejected at the $145 zone supply last Thursday and Bitcoin’s recent reset caused SOL to fall 8.65% in just 8 hours late Sunday/early on Monday.
- Solana Bulls could respond in a bullish manner at $121 but traders should not forget the long-term trend, which has been negative since September.
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Source: ambcrypto.com
