
Solana token fell the most in November
Social Metrics Are Negative for Cryptocurrencies
SOL has been consolidating for weeks and faces further downside
Solana (SOL/USD) is one of the worst performers. Cryptocurrency in November. The cryptocurrency hit a high of $38 on November 5, but is currently trading at just $13.55. The loss came in the wake of FTX’s collapse. However, for almost three weeks, SOL has been consolidating above $13. Does this show the entry of buyers?
Solana integration happens in the middle of nasty on-chain activity. Santiment data shows Solana’s spot and futures markets are struggling, with trading volumes at monthly lows. As of December 2, Solana’s open interest was $208.9 million, down 1.25%.
Solana was also active in trading short positions, with funding rates remaining in negative territory. Furthermore, it was shown that there were more long liquidations ($207,000) than short liquidations ($89,000) on SOL.
Clearly, the data are against SOL. Social metrics show a limited uptrend and sentiment is negative. Therefore, the recent consolidation may indicate the exhaustion of sellers rather than the entry of buyers. Breaking out of the downside would welcome a drop in SOL.
SOL Consolidates at $13 Amid Bearish Momentum
Technically, SOL is bearish on its long-term outlook. RSI avoids oversold levels but is still well below the midpoint With a slight recovery SOL has moved him to the 20 day moving average but price gains are still subdued I’m here.
When to buy sol?
Solana prices remain bearish.investors looking to buy sol We need to wait for the bear market to subside before scooping tokens. A break below the consolidation zone could see SOL reach single-digit prices.
Where to buy sol
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