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Solana token fell essentially the most in November
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Social metrics are unfavourable for the cryptocurrency
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SOL has been consolidating for weeks and faces further 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. However, for nearly three weeks, SOL has been consolidating at or above $13. Does this sign the entry of consumers?
Solana’s consolidation comes amid a troubling on-chain exercise. According to Santiment information, 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%.
Besides, short-position trades have been energetic on Solana, with the funding charges remaining within the unfavourable territory. Further indications have been that there have been extra lengthy liquidations ($207,000) than quick liquidations ($89,000) price of SOL.
Clearly, the info is towards SOL. Social metrics present restricted upside, with the sentiment unfavourable. Consequently, the newest consolidation might sign sellers’ exhaustion moderately than consumers’ 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 degree however nonetheless stays approach under the midpoint. A slight restoration noticed SOL transfer to the 20-day MA, however the value upside continues to be muted.
When to purchase SOL?
Solana’s value continues to be bearish. Investors seeking to buy SOL ought to wait for the bear market to subside earlier than scooping the token. A break under the consolidation zone might see SOL hit single-digit costs.
Where to purchase SOL
eToro
eToro presents a big selection of cryptos, reminiscent of Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro customers can join with, be taught from, and replica or get copied by different customers.
Binance
Binance is without doubt one of the largest cryptocurrency exchanges on the earth. It is best suited to extra skilled traders and it presents a giant variety of cryptocurrencies to select from, at over 600.
Binance can also be recognized for having low buying and selling charges and a a number of of buying and selling choices that its customers can profit from, reminiscent of; peer-to-peer buying and selling, margin buying and selling and spot buying and selling.
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