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<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/solana-faces-price-drop-and-waning-interest" data-wpel-link="internal" rel="noopener noreferrer nofollow">Solana Faces Price Drop and Waning Interest</a><br></p>
<p style="text-align: justify">The recent downward trend in the cryptocurrency market has significantly affected <a href="https://en.bitcoinhaber.net/sec-rejects-solana-etf-applications" data-wpel-link="internal" rel="noopener noreferrer nofollow">Solana</a> (SOL), causing a 4% drop in its value over the past 24 hours, with the price now trading at $137. Additionally, Solana’s trading volume has plunged by 12%, reflecting diminishing market interest and a lack of trader confidence.</p>
<h2 id="technical-indicators-show-buyer-weakness">Technical Indicators Show Buyer Weakness</h2>
<p style="text-align: justify">Technical analysis of Solana reveals a decline in buyer interest. The Chaikin Money Flow (CMF) indicator on the four-hour chart has remained negative, indicating persistent selling pressure. The Relative Strength Index (RSI) further corroborates this, sitting at 33, which suggests that bearish sentiments dominate the market.</p>
<h2 id="hope-for-a-potential-recovery">Hope for a Potential Recovery?</h2>
<p style="text-align: justify">Solana’s inability to recover from the $138 support level casts a shadow over the market. Although there were attempts by the RSI indicator to rise above the signal line, consecutive red candles have dampened recovery hopes. A breakthrough above the $138 level could aim for the 0.382 Fibonacci resistance at $146, but sustaining this momentum remains uncertain unless the $152 level is breached to confirm a trend reversal.</p>
<h2 id="positive-developments-in-solana-network">Positive Developments in Solana Network</h2>
<p style="text-align: justify">Despite weak price movements, Solana’s on-chain data offers a silver lining. Data from Santiment on the X platform revealed a 33% increase in the network’s total development activity monthly. Moreover, DeFiLlama reported a $1 billion increase in Solana’s total value locked (TVL) in the last month, indicating network strength despite the price drop.</p>
<h2 id="key-insights-for-investors">Key Insights for Investors</h2>
<p style="text-align: justify">– Technical indicators signal a bearish market.<br> – A breakthrough above $138 is crucial for recovery.<br> – Development activity and TVL are on the rise.<br> – Long-term sentiment remains cautious.</p>
<h2 id="concerns-for-long-term-investors">Concerns for Long-Term Investors</h2>
<p style="text-align: justify">Despite positive on-chain metrics, <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">long-term investors</a> remain skeptical. Coinglass <a href="https://newslinker.co/how-does-artificial-intelligence-work/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">data shows</a> the Long/Short ratio is below 1, indicating short-term traders’ dominance over Solana this week. The failure to maintain the $138 support level is concerning, and whether buyer interest will return remains a key factor in Solana’s future price trajectory.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/solana-faces-price-drop-and-waning-interest" data-wpel-link="internal" rel="noopener noreferrer nofollow">Solana Faces Price Drop and Waning Interest</a></h5>

Solana Faces Price Drop and Waning Interest

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