- The RSI and Stochastics are sold in SOL
- The metrics and many market indicators were also bullish
Solana [SOL] You have It has been freaking out its investors for a few weeks now, as the price has continued to drop. To add to this, SOL lost its spot as the 15th largest cryptocurrency by market cap to TRON [TRX].
according to CoinMarketCapSOL, at the time of writing, posted more than 15% negative weekly losses and was trading at $11.78 with a market capitalization of over $4.2 billion.
Although SOL failed to satisfy its investors, the token’s on-chain metrics and market indices showed some signs of recovery. This may help the altcoin to climb the price ladder in the following days.
Read Solanas [SOL] predict the price 2023-2024
What can you expect?
SolarThe daily chart showed that investors might be in time soon, as some market indicators hinted at a possible price hike in the coming days. For example, the Money Flow Index (MFI) was near the oversold area, which was a bullish sign. Chaikin Fund Flow (CMF) has also declined significantly, which could indicate a potential market bottom.
Another big bullish signal has been detected by CryptoQuant’s data It showed that the Solana Relative Strength Index (RSI) and Stochastic are both in oversold positions. This indicates that the price of the token may accelerate north soon. However, the exponential moving average (EMA) band showed a massive bearish edge in the market which could cause a problem for the market Solar Coming days.
This can be useful for SOL
Interesting, several Solar The metrics also looked very promising, as they align with investors’ interests. For example, currency development activity has increased over the past week. This can be seen as a positive sign as it reflects the developers’ efforts to improve the blockchain. SOL volume has also been on the rise recently, which was another green flag. After a sharp decline, Binance’s funding rate for SOL increased slightly, indicating increased interest from the derivatives market.
Given all the market indicators and on-chain metrics, a SOL revival seemed likely in the coming weeks. However, DeFiLlama’s data revealed that SOL’s total value locked (TVL) continued to decline, which doesn’t sound optimistic for Solana.