One Ethereum (ETH) rival that’s up greater than 150% in 2023 is shedding momentum, in response to crypto analytics agency Santiment.
Santiment says that the latest Solana (SOL) rally was propelled by the liquidation of shorts and should now begin to run out of steam.
In line with the analytics agency, the most effective time to have purchased into Solana was through the second week of June when funding charges had bearish spikes.
“As we will see from Solana’s funding fee on Binance and DyDx, the best time to purchase in would have been once we noticed these extremely quick funding fee spikes occurring within the second week of June. Costs can nonetheless preserve climbing with out the help of shorts being liquidated, however the chances are definitely lowered.”
A funding fee of above zero signifies that market bullish sentiment is extra dominant, whereas a fee within the destructive ranges signifies that bearish market sentiment is extra dominant.
An rising funding fee additionally signifies bullishness whereas a falling funding fee signifies bearishness.
At time of writing, the Solana funding fee on Binance is now constructive at 0.010%. In early June, the funding fee on Binance dropped to a destructive of 0.045%.
Santiment additionally highlights how Solana’s declining social dominance because the begin of the yr could point out a scarcity of assist for the present worth degree.
“We are able to additionally inform by the decline in social dominance that Solana’s social dominance has simply continued to say no because the starting of the yr.”
Solana hit a low of $8 in December 2022 and is buying and selling for $20.15 at time of writing, a 152% improve.
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