markets NFT defi solana Polygon DApp

Solana (SOL) price rally could fizzle out due to weak fundamentals

Reading now: 438
cointelegraph.com

Solana’s (SOL) recent 250% rally to $25 has shocked many investors in the crypto market. At the same time, traders who had eyes on the negative funding rate for SOL in the futures market could have anticipated the bullish move ahead of others.

It’s because excessive negative funding rates, like the one in Solana displayed below, implies that the majority of traders are on the short side, providing an opportunity for buyers to run their stops.Regardless of the reason behind the price increase, if enough buyers are interested in joining the bullish move, it can turn into a medium-to-long-term bullish trend.

However, Solana's fundamental and market analysis shows weakness, which will more likely cause a steep correction in the altcoin.Solana ranks second in terms of NFT trading across blockchain platforms.

Ethereum commands the lion's share of the total NFT trading volume with an 81.6% share. Solana has the second biggest pie with an 11.6% share, according to data from Delphi Digital.However, the ecosystem received a setback when two of the largest projects in DeGods and y00ts decided to shift away from Solana.

Read more on cointelegraph.com
The website fvbb.com is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can send a complaint on the news if you find it unreliable.

Related News

DMCA