Analysis: Solana price breaks below the 200-day moving average, facing a test of the $100 level in September

2024-09-02 23:46:15
Collection

ChainCatcher news, according to Cointelegraph, the price of Solana (SOL) has been weakening recently, with a weekly decline of 19.14% at the end of August, marking the second largest drop since 2024. Data shows that SOL has closed below the 200-day moving average for several consecutive days, the first time since September 2023. Technical analysis indicates that SOL is facing a test of the key support level at $127. Since April 2024, SOL has briefly fallen below $120 six times, but each time it managed to close above $127. However, this decline has lost the support of the 200-day moving average, and if it breaks below $127, the next target price could be $110.

In the derivatives market, open interest has risen by 20%, and the funding rate has been negative for a week, reaching -0.001, the lowest since 2024, further confirming the bearish sentiment in the market. On-chain activity shows that the DEX trading volume in the Solana ecosystem dropped to $7.7 billion last week, hitting a six-month low. Independent trader Bluntz_Capital pointed out that the SOL/BTC weekly chart is performing poorly and may have peaked. If the market remains bearish in September, SOL could retest the demand zone of $98-104. In the worst-case scenario, SOL may fall below the $100 mark.

ChainCatcher reminds readers to view blockchain rationally, enhance risk awareness, and be cautious of various virtual token issuances and speculations. All content on this site is solely market information or related party opinions, and does not constitute any form of investment advice. If you find sensitive information in the content, please click "Report", and we will handle it promptly.
ChainCatcher Building the Web3 world with innovators