Altcoins News
By James Thorp
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Rally Driven by News, But Short-Lived. The boost in Solana’s price came after U.S. President Donald Trump’s endorsement of Solana’s…
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Key Support Levels to Watch. Solana’s price has recently formed a significant support zone around the $130 level, which has…
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Weak Spot Accumulation and Rising Sell-Side Pressure. Despite the earlier rally, Solana’s spot accumulation has remained weak, as highlighted by a…
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Speculative Interest in Solana. Despite weaker spot demand, derivatives traders have shown increased interest in Solana.
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Conclusion: Risk of a Deeper Retracement. Solana's recent price movement and technical indicators suggest that the altcoin is at a crossroads.
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Solana (SOL) made headlines recently when it surged 24.4% in a single day, reclaiming the $180 mark after a strong impulse move.
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However, the excitement was not sustainable. Solana’s price retraced quickly, losing nearly 20% of its value after the initial rally.
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Solana’s price has recently formed a significant support zone around the $130 level, which has historically seen strong demand, leading to price rebounds.
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In the event of a further decline, the next major support levels to watch are at $145 and $155.
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Despite the earlier rally, Solana’s spot accumulation has remained weak, as highlighted by a noticeable increase in exchange inflows.
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This suggests that traders are locking in profits, which weakens the overall market sentiment and makes a sustained rally less likely.
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Despite weaker spot demand, derivatives traders have shown increased interest in Solana. Open interest (OI) in Solana futures surged by 15.8%, bringing the total OI to $5.
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However, this increase in speculative activity has not been matched by strong demand in the spot market.
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