Solana's popularity is rising amid optimism around the token's potential ETF inclusion. Despite positive outcomes, market signals point to a potential price decline.
Solana Market Data
Solana markets show signs of uncertainty as the total open contracts (OI) have significantly dropped. This affects volume and leaves traders unsure of future price action. The low volatility keeps the price consolidated within a narrow range.
Role of Future Markets
Future markets are impacting the forthcoming price actions as the declining OI indicates trader uncertainty. The rise in short trades points to bearish expectations, suggesting that SOL might face declines to $130 and $128.
Technical Analysis
The technical analysis of Solana’s weekly chart reveals bearish trends. The price has fallen below the channel, failing to reclaim levels. Despite increasing buying pressure, technical indicators hint that SOL could retreat to $125 if recovery is not achieved by the weekend.
While Solana shows signs of popularity and growth, current market and technical data suggest a potential short-term price dip. Monitoring developments will be crucial for understanding further price movement.
