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Solana’s dismal performance in the market has taken a drastic turn as trading volume hits a new low for the year. The recent decline in price, coupled with dwindling interest from traders, has painted a bleak picture for investors. However, amidst this chaos, are there any glimmers of hope?
The first piece of good news is the surge in buying sentiment witnessed on the derivatives market. Data from Coinglass reveals that long bets have increased alongside the OI-weighted funding rate. This unusual trend suggests that some traders believe Solana’s value will rebound in the near future.
Furthermore, a glance at the liquidation heat map depicts several liquidity clusters between $120 and $114. These clusters often act as magnets, drawing prices towards them and potentially triggering a reversal. Although it remains uncertain whether this bounce can sustain itself, the mere possibility of an upside is a glimmer of hope in these dark times.
A few short-term traders have also noticed a change in the market dynamics, with Coinglass’s long-to-short ratio indicating that there are more buyers than sellers on the charts at press time. This subtle shift could be a sign of investors rethinking their positions or adjusting to new market realities.
In conclusion, while Solana is facing unprecedented challenges, it’s essential not to lose hope. The recent buying sentiment and liquidity clusters offer a faint light at the end of this tunnel.
Source: https://ambcrypto.com/solana-sol-is-there-any-good-news-after-trading-volume-hits-2024-low/
