Solana’s 14% Drop: Short-Term Slump or Bullish Reversal Ahead?

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Solana: Price Drop and Forecast

Solana (SOL) has recently experienced a 14% price drop, similar to the rest of the market. But is there perhaps a silver lining on the horizon?

The trends of Solana prices on higher and lower time levels seem to contradict each other. This suggests that a bullish reversal could occur soon. A lack of selling volume recently means that the decline may not be too deep.

Increasing Social Engagement and DEX Volume

Solana’s network has recently seen a significant increase in social engagement. This is largely due to the Jito (JTO) airdrop. As a result, the DEX volume in the Solana network has also increased significantly. Solana’s NFT sales have also increased over the past week. Despite these developments, however, the token has recently experienced a price drop.

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Price Development and Possible Support Zones

Solana traded in a range for most of November, rising from $51.1 to $64. On December 7, SOL broke through the upper limit of this range and reached $77.78. Since then, however, the price has dropped. The RSI fell below 50, indicating a shift in momentum in favor of the bears. The Fibonacci retracement levels suggest that a bullish reversal could occur at $63.11 and $66.24.

Decline in Open Interest and Market Sentiment

The last two trading days saw a slow price decline of Solana from $77.78 to $70, accompanied by a decline in open interest (OI). This suggests that market participants are losing their bullish sentiment. Surprisingly, however, the Spot CVD has increased. This is a sign of healthy demand for the token on the spot markets, even though the short-term sentiment is bearish. Therefore, the recent decline could be temporary and minor.

Outlook

On the higher timeframe charts, the $60-$65 zone represents a support zone where the bulls could initiate a recovery. Despite the recent price drop, positive developments for Solana may still lie ahead.

Source: AMBCrypto

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