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Solana coin was the biggest loser in November
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Social metrics are negative for cryptocurrencies
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SOL has been consolidating for weeks and faces further downside
Solana (SOL/USD) was one of the worst performers cryptocurrency in November. The cryptocurrency came from a high of $38 on November 5, but now trades at only $13.55. The losses came in the wake of FTX’s collapse. However, for about three weeks, SOL has been consolidating above $13 or so. Is this a sign of entry of buyers?
Solana’s consolidation comes amid a troubling on-chain activity. Solana’s spot and futures markets are struggling, with trading volumes at monthly lows, according to Sentiment data. As of December 2, the Open Interest on Solana was down 1.25% to $208.9 million.
Additionally, short-position trades were active on Solana, with funding rates in negative territory. Further indications were that SOL had more long liquidations ($207,000) than short liquidations ($89,000).
Obviously, the data is against SOL. Social metrics show limited upside with negative sentiment. As a result, the latest consolidation may indicate seller exhaustion rather than the entry of buyers. A break to the downside would welcome a lower price for SOL.
SOL consolidates at $13 amid bearish momentum
SOL/USD chart by TradingViewTechnically, SOL is bearish in the long term outlook. RSI is moving out of the oversold levels but is still below the midpoint. A minor recovery moved SOL to the 20-day MA, but gains in price remained muted.
When to buy SOL?
Solana’s price is still bearish. investors are looking buy sol One should wait for the bear market to calm down before scooping up the token. A break below the consolidation zone could see SOL price in the single digits.
where to buy sol
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