Solana token fell probably the most in November
Social metrics are unfavorable for the cryptocurrency
SOL has been consolidating for weeks and faces further draw back
Solana (SOL/USD) was one of many worst-performing cryptocurrencies in November. The cryptocurrency got here from a excessive of $38 on November 5 however now trades at simply$13.55. The losses got here within the wake of the FTX collapse. However, for virtually three weeks, SOL has been consolidating at or above $13. Does this sign the entry of consumers?
Solana’s consolidation comes amid a troubling on-chain exercise. According to Santiment information, Solana’s spot and futures markets are struggling, with the commerce volumes at month-to-month lows. As of December 2, the open curiosity on Solana was $208.9 million, a decline of 1.25%.
Besides, short-position trades have been lively on Solana, with the funding charges remaining within the unfavorable territory. Further indications have been that there have been extra lengthy liquidations ($207,000) than brief liquidations ($89,000) price of SOL.
Clearly, the info is in opposition to SOL. Social metrics present restricted upside, with the sentiment unfavorable. Consequently, the most recent consolidation might sign sellers’ exhaustion quite than consumers’ entry. A break to the draw back would welcome a cheaper price for SOL.
SOL consolidates at $13 amid bearish momentum
SOL/USD Chart by TradingViewTechnically, SOL is bearish within the longer-term outlook. The RSI is escaping the oversold stage however nonetheless stays method beneath the midpoint. A slight restoration noticed SOL transfer to the 20-day MA, however the worth upside continues to be muted.
When to purchase SOL?
Solana’s worth continues to be bearish. Investors seeking to buy SOL ought to wait for the bear market to subside earlier than scooping the token. A break beneath the consolidation zone might see SOL hit single-digit costs.
Where to purchase SOL
eToro
eToro presents a wide selection of cryptos, equivalent to Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro customers can join with, study from, and replica or get copied by different customers.
Binance
Binance is likely one of the largest cryptocurrency exchanges on the earth. It is healthier suited to extra skilled traders and it presents a massive variety of cryptocurrencies to select from, at over 600.
Binance can also be recognized for having low buying and selling charges and a a number of of buying and selling choices that its customers can profit from, equivalent to; peer-to-peer buying and selling, margin buying and selling and spot buying and selling.
