2024-05-01 04:04:48
- SOL futures open interest was at its lowest level in two months.
- There is a possibility that the coin could fall below $130.
Solana [SOL] Open interest on futures has fallen to its lowest level since February 27, according to data from glass coin.
An asset’s futures interest tracks the total value of the futures contracts that have not yet been settled or closed.
When it decreases in this way, it indicates an increase in the number of market participants closing their trading positions without opening new ones.
According to data from Coinglass, altcoin open futures interest stood at $1.79 billion at press time. It began its decline on April 1 and has since fallen 47%.
Solana experienced a fall in April
An assessment of Solana’s performance showed that the Layer 1 blockchain experienced a decrease in network activity in April.
According to The Block data panelSolana witnessed a decrease in the number of monthly active addresses.
During the month, the number of unique addresses signing transactions on Solana reached 34 million. This represented an 11% decrease in active Solana usage during the month.
New demand for blockchain also fell. Data from the chain showed that in April, the number of unique first-time signers shopping on the Solana Network reached 25 million.
This marked an 11% decrease from the 28 million new users who completed at least one transaction on Solana in March.
Due to low user activity on the network in April, Solana’s monthly transaction volume dropped significantly. Totaling $7.32 trillion, the network saw a 95% monthly drop in transaction volume.
For context, in March Solana’s trading volume was $148 billion.
SOL has two options
At press time, SOL was trading at $135.10. According CoinMarketCapThe price has fallen more than 30% in the last week.
An evaluation of the coin’s performance on a 3-day chart revealed the formation of a descending triangle, within which the SOL price found support at the $128 price level.
If sentiment weakens, the coin could retest support and fall below $130.
A quick look at market sentiment showed that bearish activity replaced the positive outlook among market participants.
For example SOL’s Elder-Ray Index, which measures The ratio between the strength of altcoin buyers and sellers in the market was negative at the time of writing and has been negative since April 12th.
File Solana [SOL] Price prediction 2024-25
When this indicator is negative, it means that bearish power is dominant in the market. As a result, SOL remains at risk of retesting the support and even falling below it.
However, if market sentiment changes, the coin could break out of the triangle in an uptrend and trade at $195 or higher.
This is an automatic translation of our English version.
1714546980
#Solana #drop #key #indicator #price #SOL