Solana’s Next Move: Will Negative Funding Rates Trigger a Major Price Shift?
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- Solana’s negative funding rate hints at bearish pressure despite a 95% rally since April.
- SOL consolidates below $180, facing resistance that has capped previous upward moves.
- Solana’s 50/100-day EMAs support an uptrend, but RSI nears overbought territory.
Solana (SOL) is being put to the test as it is now the only top 10 cryptocurrency, other than stablecoins, that has a negative funding rate. According to Glassnode, an analytical platform, the rate is currently negative, at -0.0002%. Although it is a small number, the figure could indicate reversals in the market.
The token value has risen sharply in recent weeks, adding over 95% since the start of April. Still, SOL has reached a significant resistance area as a result of the rally. Currently, the price is holding just below $180. Resistance here has slowed the bulls’ progress many times.
Since Solana’s funding rate has turned negative, traders are acting more cautiously. When funding rates are negative, it could resist the upward trend. If investors continue to believe a downturn is likely, Solana’s present success may not last very long.
Solana Set for Bullish Move, But B…
The post Solana’s Next Move: Will Negative Funding Rates Trigger a Major Price Shift? appeared first on Coin Edition.
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Solana’s Next Move: Will Negative Funding Rates Trigger a Major Price Shift?
Share:
- Solana’s negative funding rate hints at bearish pressure despite a 95% rally since April.
- SOL consolidates below $180, facing resistance that has capped previous upward moves.
- Solana’s 50/100-day EMAs support an uptrend, but RSI nears overbought territory.
Solana (SOL) is being put to the test as it is now the only top 10 cryptocurrency, other than stablecoins, that has a negative funding rate. According to Glassnode, an analytical platform, the rate is currently negative, at -0.0002%. Although it is a small number, the figure could indicate reversals in the market.
The token value has risen sharply in recent weeks, adding over 95% since the start of April. Still, SOL has reached a significant resistance area as a result of the rally. Currently, the price is holding just below $180. Resistance here has slowed the bulls’ progress many times.
Since Solana’s funding rate has turned negative, traders are acting more cautiously. When funding rates are negative, it could resist the upward trend. If investors continue to believe a downturn is likely, Solana’s present success may not last very long.
Solana Set for Bullish Move, But B…
The post Solana’s Next Move: Will Negative Funding Rates Trigger a Major Price Shift? appeared first on Coin Edition.
Read More
Ethereum is fighting for survival as insiders warn a “dangerous complacency” could make it irrelevant by 2030