As Could got here to an in depth, the Solana worth took a success because the Securities and Alternate Fee (SEC) expressed concern over the plan to launch 2 new ETFs involving Ethereum and Solana. With this, the SOL coin worth slumped 11.45%. Whereas the crypto market displayed a big worth motion, the Solana token bounced between $155 and $185 for 23 straight days.
SOL On-chain Sentiment Suggests Elevated Volatility
Solana data a relentless rise in its new pockets addresses for the second straight month. The variety of new wallets has elevated from 98.33 million in March to 111.01 million in April, and 123.81 million in Could. This highlights growing consumer curiosity and adoption. Cumulatively, that is main towards the expansion of the community.
Due to the latest enhance within the promoting strain amid the downturn, the OI-weighted funding price has turned damaging to -0.0027%. This highlights a big decline within the bullish sentiment for Solana.
Solana Worth Retests Its Essential Help Round $150
Solana worth is down by over 1% in 24 hours whereas the crypto market additionally skilled decreased volatility. With this, SOL has displayed a damaging worth motion for the third consecutive day, in accordance to Binance information. Furthermore, the SOL coin has dropped roughly 11% in seven days and has displayed a month-to-month return of +4.93%.
The Relative Energy Index (RSI) indicator has recorded a pointy drop towards the oversold vary and is at the moment at 41.66, signaling a bearish sentiment. Moreover, the typical line acts as a resistance and is dropping towards its impartial level. Reportedly, this means a damaging worth motion.
If the Solana worth holds its bullish stance, it may retest its excessive of $177 from Could 28. Additional, rising investor’s optimism may push the worth towards $200 for the primary time since February 2025.
Nevertheless, a failed bullish motion may pull the value down to its rapid assist of $150. Notably, growing liquidation might lead to SOL worth crashing towards its April low of $127.
Additionally Learn: BREAKING: Solana, Ethereum Staking ETFs Hit Roadblock with New SEC Letter
