- SOL is up more than 5% in the last 24 hours.
- Most market indicators remained bullish for the token.
Solana (SUN) According to CoinMarketCap, silver has performed well against the current bear market, with its price up more than 5% in the last 24 hours. This was a bullish sign, but the token may fall and here’s why.
Solana is pumping!
The ETF approval hit the prices of most cryptocurrencies as price charts turned red. But Solana behaved differently as it began its uptrend.
At the time of this writing, SOL was the fifth-largest cryptocurrency, trading at $96.88, with a market capitalization of over $41.8 billion.
Since the cryptocurrency price was rising, AMBCrypto planned to check social indicators. Despite the rise in price, SOL’s social dominance has fallen over the past week, meaning it has become less popular.
Weighted Sentiment also remained low, meaning bearish sentiment towards the token is dominant in the market.
Source: Santiment
Will Solana’s price fall further?
According to the latest dataset, brushThe price of was a pattern that suggested that the price of SOL could plummet. Popular cryptocurrency analyst Crypto Tony recently posted a tweet highlighting this scenario.
According to the tweet, the price of Solana could fall to $76, which could be a good opportunity for investors to accumulate more SOL.
Of course, if it can drop to $76.00, it would be a good buying opportunity. pic.twitter.com/hqx4zw0DL6
— Crypto Tony (@CryptoTony__) January 13, 2024
Therefore, AMBCrypto checked SOL’s metrics to understand whether the possibility of SOL falling to $76 was viable. According to our analysis, it seemed unlikely that SOL would plummet to the aforementioned levels as Binance funding rates remain high.
This means that derivatives investors purchased SOL at higher prices during press time. Additionally, SOL’s Open Internet has risen along with its price, suggesting a continuation of the current trend.
Source: Santiment
Realistic or not, the following is SOL market cap based on BTC
AMBCrypto checked out SOL’s daily chart to get a better understanding of what to expect from Solana. especially, brushThe Money Flow Index (MFI) and Relative Strength Index (RSI) rose slightly, suggesting a potential price rise.
However, the remaining indicators were not so positive. Solana’s MACD showed a clear bearish crossover. Chaikin Money Flow (CMF) is also moving in a southward direction, indicating that the token’s upward rally may soon come to an end.
Source: TradingView