Solana (SOL) is showing mixed signals as its price hovers around $243, having fallen by 2.65% over the past 24 hours. After a minor peak, the price meets resistance at about $245 and support at approximately $235, despite technical indications that there could be further drops.
The current price of Solana is $242.60, down by 2.65% in the past 24 hours. The current market cap of SOL is at $131.63 billion, although it makes a daily trading of $28.30 billion. SOL now has a 3.26% market share while controlling the altcoin market with extensive influence.
After a recent post by GemXBT, the Most-mentioned ticker in the past hour was that of $SOL, indicating that it continues to be of significant interest across platforms. Despite that interest, however, there has been relative weakness in the coin after its recent short-term high, with its market value now settling in at approximately $240.
The technical chart shows that Solana may face more pressure if support levels continue to break down. The key support stays around $235, while that of resistance stays around $245. The Relative Strength Index (RSI) is moving out of overbought conditions, so recent price pressure is dying out.
Meanwhile, the MACD is showing bearish signals, hinting at a possible continuation of the current downward trend. The support line of $235 is being closely watched by observers and analysts. If it remains above this line, SOL could attempt to regain recent highs of around $245.
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Solana’s derivatives market shows strong action by a 15.70% increase in volume, up to $26.23B. Open interest decreased by 1.61% to $16.55 billion, which suggests there are traders who are scaling back positions, and the market sees good activity in both long and short positions.
The OI-weighted index of SOL is low at 0.0030%, revealing minimal aggregate leverage pressure. That means that market conditions are relatively balanced, with no extreme dominance of longs over shorts, and a secure environment in which to trade despite volatile prices and speculative derivative action.
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