SOL has been advancing rapidly and has become a shining star among the top cryptocurrencies! Meanwhile, the trend of altcoins continues to plummet, which is distressing to see.
Despite a significant downturn in the cryptocurrency market in the past 24 hours, Solana [SOL] has shown remarkable resilience and staged a thrilling comeback! However, despite the price rebound, derivative market traders’ reactions have been surprisingly subdued, as if this amazing rebound is nothing but a flash in the pan in their eyes!
Solana’s performance in the past 24 hours has been astonishing, with a surge of over 8% according to authoritative data from CoinMarketCap. This performance is particularly noteworthy compared to other major cryptocurrencies, such as Ethereum [ETH], which achieved a modest increase of just over 1%.
At the same time, the changes in other major cryptocurrencies have been insignificant, with fluctuations of less than 1%, fluctuating between slight increases and decreases like headless flies.
Observations on Solana’s daily price trends by AMBCrypto have provided a detailed snapshot of its recent market behavior. Despite the overall market downturn, particularly on June 24th when Bitcoin [BTC] and most altcoins fell, Solana achieved a significant recovery, closing at around $132, an increase of over 2.8%.
As of the time of writing, Solana’s trading price is around $138, with a further increase of over 4%. However, despite these positive developments, technical indicators mercilessly show that Solana is still deeply entrenched in a bearish trend.
These indicators indicate that, although Solana has shown some bullish signals in the short term, it has not yet formed a strong enough rebound to change the long-term trend.
AMBCrypto’s observation of Solana’s weighted funding rate on Coinglass provides valuable insights into traders’ current sentiment and positions. The financing rate is currently positive but declining, at around 0.0003%, indicating that while buyers still dominate, their influence is waning.
This change suggests that traders are becoming more cautious. They are less willing to pay a premium for holding long positions, which may pave the way for sellers to gain greater influence in the market.