Solana Holds Strong Despite Short-Term Bearish Bets
Key Takeaways
- Solana (SOL) currently shows a slightly negative funding rate of -0.0002%.
- This trend indicates increasing activity in short positions.
- Long-term on-chain data remains positive – active addresses continue to rise.
- The price has been consolidating around the $175 USD zone since May 9.
- The overall market structure remains bullish.
What Does a Negative Funding Rate Mean?
The funding rate is a mechanism in futures trading that ensures the price of derivatives stays close to the spot price. A negative funding rate means that short positions pay long positions – in other words, more traders are betting on falling prices.
For Solana, this rate currently stands at -0.0002%. While this is a small figure, it is notable, as other major cryptocurrencies are currently showing neutral or positive funding rates. This may serve as an early signal of a potential market shift.
On-Chain Data Indicates Stability
Despite the negative funding rate, on-chain data tells a different story. The number of long-term active wallets on the Solana network continues to grow.
This trend suggests that users and investors have confidence in the platform. A growing user base is a sign of a stable network and can provide long-term support for the price.
Resistance at $175 USD Remains
The price of SOL has been moving within a narrow range around the $175 USD mark since May 9. This zone acts as a so-called “supply area,” where many sell orders are being executed.
Trading volume has increased during this phase, indicating that market participants are waiting. Neither buyers nor sellers have gained the upper hand so far. A clear breakout in either direction has yet to occur.
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Long-Term Trend Remains Positive
Despite short-term uncertainties, Solana’s long-term price trajectory continues to show a bullish structure. Price movements on longer timeframes suggest that buyers still have control.
The growing number of long-term investors supports this view. Short-term fluctuations, such as a negative funding rate, should therefore be considered in context.
Our Assessment
The current negative funding rate for Solana is not a reason for concern – at least not yet. It shows that some traders are betting on falling prices, but the fundamentals tell a different story.
The rising number of active users and stable network activity point to a healthy blockchain. As long as the price holds above key support levels and the long-term market structure remains intact, the positive signals outweigh the negative ones.
Those who are invested in Solana, or are considering it, should keep an eye on short-term movements but focus on the long-term outlook.
Sources
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