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Solana token fell essentially the most in November
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Social metrics are detrimental for the cryptocurrency
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SOL has been consolidating for weeks and faces additional draw back
Solana (SOL/USD) was one of many worst-performing cryptocurrencies in November. The cryptocurrency got here from a excessive of $38 on November 5 however now trades at simply$13.55. The losses got here within the wake of the FTX collapse. Nonetheless, for nearly three weeks, SOL has been consolidating at or above $13. Does this sign the entry of patrons?
Solana’s consolidation comes amid a troubling on-chain exercise. In line with Santiment knowledge, Solana’s spot and futures markets are struggling, with the commerce volumes at month-to-month lows. As of December 2, the open curiosity on Solana was $208.9 million, a decline of 1.25%.
Moreover, short-position trades have been energetic on Solana, with the funding charges remaining within the detrimental territory. Additional indications have been that there have been extra lengthy liquidations ($207,000) than quick liquidations ($89,000) value of SOL.
Clearly, the information is towards SOL. Social metrics present restricted upside, with the sentiment detrimental. Consequently, the most recent consolidation might sign sellers’ exhaustion fairly than patrons’ entry. A break to the draw back would welcome a cheaper price for SOL.
SOL consolidates at $13 amid bearish momentum
SOL/USD Chart by TradingViewTechnically, SOL is bearish within the longer-term outlook. The RSI is escaping the oversold stage however nonetheless stays manner under the midpoint. A slight restoration noticed SOL transfer to the 20-day MA, however the worth upside continues to be muted.
When to purchase SOL?
Solana’s worth continues to be bearish. Buyers trying to buy SOL ought to await the bear market to subside earlier than scooping the token. A break under the consolidation zone might see SOL hit single-digit costs.
The place to purchase SOL
eToro
eToro affords a variety of cryptos, resembling Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro customers can join with, study from, and duplicate or get copied by different customers.
Binance
Binance is among the largest cryptocurrency exchanges on this planet. It’s higher suited to extra skilled traders and it affords a lot of cryptocurrencies to select from, at over 600.
Binance can be identified for having low buying and selling charges and a a number of of buying and selling choices that its customers can profit from, resembling; peer-to-peer buying and selling, margin buying and selling and spot buying and selling.