🪙 Solana buyers lose interest: How long will SOL’s $138 support hold?

🔥 Bearish winds blow as Solana [SOL] takes a hit, down by nearly 4% in the last 24 hours. The broader crypto market's influence is evident, with SOL trading at $139.

➡️ Diminished buyer interest is reflected in lower trading volumes (-12%) and technical indicators like the Chaikin Money Flow (CMF) and Relative Strength Index (RSI) pointing towards a bearish momentum.

⏰ As Solana tests a crucial support level, traders wonder if a bullish reversal is on the horizon or if the bears will continue to dominate.

💫 However, there's a glimmer of hope as Solana's recent bounce from the $138 support has bulls eyeing the immediate resistance at $146 and the key level of $152 for a confirmed uptrend.

🆒 Despite the price action, Solana's on-chain metrics tell a different story. The network's total development activity has seen an impressive 33% rise, signaling growth and improvement.

📣 In this tug-of-war between bears and bulls, only time will tell if Solana can regain its lost interest and soar to new heights.

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usahotrods

August 6, 2024, 15:30

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