Solana Futures Market Turn Bearish as SOL Might Dip Below $130
Solana prices are already facing important volatility In the past week, due to recent market troubles. This leads to a sharp decline futures Market sentiment as a leveraged trader seems reluctant to accept bullish stance.
This lack of confidence increases the risk of further price decline sol Watch the dipping sauce under $130 in the short term.
Solana struggles when traders exit
Sol’s negative capital rate is an indicator of bullish bias among its futures traders.
According to Coinglass Data, Sol Perpetual Futures has maintained a negative funding rate over the past three days, indicating Short seller Pay for the position. At press time, this is -0.0060%.
Funding rates are a regular fee between long traders and short traders in permanent futures contracts to keep contract prices consistent with the spot market.
Same as solwhen this rate is negative, this means that the seller (the person who drops the price) is paying a fee to the long trader, indicating a bearish attitude in the market.
As a result, more and more traders are falling prices, which intensifies the pressure on the price of coins.
Furthermore, the lack of confidence of Sol Futures traders is reflected by the plunge in its open interest. At press time, it was $3.94 billion, down 19% since the beginning of March.
The asset’s open interest tracks the total number of active futures contracts that have not yet been resolved.
When this falls, especially in Price drop periodwhich shows that traders are closing positions without opening new positions. This confirms the reduction in short-term convictions Sol Price Recovery between it Futures trader.
Solana Bulls will weaken – can they prevent under $130?
At press time, the SOL traded at $137.70, above the support platform. As the end of bullish sentiment, this level may be Turn to the resistor zone.
If this happens, the Sol may be priced below $130, exchanged for $120.72.
On the other hand, if the bullish momentum returns to the Saul market, this bearish projection will be invalid. In this case, new demand could raise the price of the coin to $182.31.
Disclaimer
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