- Oh dear! SOL has a teensy-weensy negative funding rate, hinting at a cheeky short correction!
- Even with a few gloomy clouds, this altcoin’s long-term structure is still as bright as a sunny day!
As of this very moment, Solana (SOL) is the only top 10 cryptocurrency (excluding those pesky stablecoins) sporting a negative funding rate. A minuscule -0.0002% might seem like a drop in the ocean, but it could be a sign that the shorts are starting to feel a bit of pressure. Oh, the drama! 🎭
Funding levels are like the mood rings of the derivatives market. A negative funding level means that short sellers are playing the role of the generous financier for the longs – usually a sign of a mild bearish tilt. How very kind of them! 😏
In Solana’s case, even though the drop is as shallow as a puddle, it’s still a significant splash compared to the larger market. Especially since most assets have been frolicking around with positive or neutral funding rates lately. What a curious little world we live in!
Active addresses: The little engine that could!
Unlike the moody funding rate, on-chain activity is looking rather chipper! Long-term active addresses are growing like weeds in a garden – a sign of unwavering confidence from the loyal users and investors. 🌱
This delightful trend suggests a healthy system, one that can support price hikes in the long run. It also implies that the broader user base is still buzzing about, even if some traders are playing it safe with their shorts. Buzz, buzz! 🐝
The $175 supply zone: A bear’s playground!
Technically speaking, Solana’s price has been lounging around the $175-level for the past fortnight, like a cat in a sunbeam. This zone has been a key supply area where bears have executed their sneaky sell orders, with trading volume climbing like a monkey up a tree!
So far, SOL has been poking around this region in a choppy manner without a successful breakout. The prolonged consolidation, which has been on hold since May 9, suggests that bulls and bears are waiting for a more aggressive signal to commit to either direction. It’s like a dance-off waiting to happen! 💃🕺
Bullish market structure: Still standing tall!
Despite the fading funding rate and the resistance at $175, Solana’s overall market structure is still as bullish as a bull in a china shop! In fact, SOL’s price action on longer timeframes hints that the bulls are firmly in charge. Hold onto your hats, folks!
A surge in activity from long-term investors only serves to affirm this rosy outlook. While we must tread carefully based on short-term measures, the overall picture for SOL remains biased towards potential gains. Hooray for optimism! 🎉
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2025-05-28 07:05