Brief bets on SOL have elevated to $6 billion, surpassing lengthy positions at $5.38 billion, in accordance with Coinglass information. The lengthy/brief ratio now stands at 0.96, suggesting that extra merchants are inserting bets for added worth declines than on a restoration.
Market sentiment additionally paints a dismal image. Solana’s weighted sentiment, which measures traders’ attitudes, at present stands at -0.40. Readings beneath zero point out that merchants have gotten more and more conservative. Social media discussions reveal bearish expectations and decrease buying and selling volumes.
On the technical entrance, the 20-day Exponential Transferring Common (EMA) is at present at $226.52. It has been appearing as a vital help degree since October 11. Analysts warn {that a} decisive drop beneath this degree could affirm a bearish pattern. This might push SOL’s worth right down to $205.56.
Nonetheless, a shift in sentiment may flip the tide. If bullish momentum builds, SOL would possibly goal for a restoration towards its earlier peak of $264.63.
For now, merchants are intently watching these ranges as Solana navigates elevated market stress and heightened uncertainty.