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The recent general downtrend in the cryptocurrency market has negatively impacted Solana (SOL) prices. SOL has lost approximately 4% in value in the last 24 hours, starting to trade at $137. Solana’s trading volume also dropped by 12%, indicating a decrease in market interest and a lack of trader confidence.
Technical Indicators Point to Lack of Buyers
Solana’s technical analysis clearly shows a weakening buyer interest. The Chaikin Money Flow (CMF) indicator on the four-hour chart has been in the negative zone since the beginning of the week.
This indicates a constant selling pressure in the market, with buyers not showing enough interest to counteract it. The RSI (Relative Strength Index) indicator supports this, as the index is at 33, indicating that bears still control the market.
Is There Hope for a Potential Upswing?
Solana’s failure to show recovery signals from the $138 support level can be seen as a negative development for the market. The RSI indicator’s attempt to rise above the signal line, coupled with consecutive red candles, has diminished hopes of recovery.
If Solana jumps above the $138 level, it will target the 0.382 Fibonacci resistance at $146. However, the continuation of this rise remains uncertain, as breaking the $152 level will be considered a confirmation of a trend reversal.
Development and TVL Increase in Solana Network Attract Attention
Although price movements are weak, Solana’s on-chain data paints a positive picture. According to data shared by Santiment on the X platform, Solana’s network showed a 33% increase in total development activity on a monthly basis.
Additionally, data from DeFiLlama shows that Solana’s total value locked (TVL) increased by $1 billion in the last month. The data indicates that the network remains strong despite price declines.
Concerns Persist for Long-Term Investors
Although on-chain data is positive, long-term investors remain unconvinced. According to Coinglass data, the Long/Short ratio remains below 1, showing that short-term traders have dominated Solana throughout the week.
The inability of Solana to hold the $138 support level is worrying, and whether buyer interest will return will be one of the most crucial factors determining the token’s future price movements.
