- SOL continued to see positive trends and stood out as one of the top crypto assets.
- However, the altcoin trend remained bearish.
While the crypto market has experienced a significant downturn in the past 24 hours, Solana [SOL] showed resilience with a remarkable recovery.
However, despite the price recovery, the reaction of traders in the derivatives market is more cautious.
Solana sees a strong 24-hour outing
Solana has distinguished itself among the top five crypto assets by posting significant gains over the past 24 hours. According to data from CoinMarketCapSolana has risen by more than 8% during this period.
This performance is especially notable when compared to the other leading cryptocurrencies. For example Ethereum [ETH]another key asset, saw only a modest increase of just over 1%.
Meanwhile, the rest of the major crypto assets experienced a change of less than 1%. They fluctuated between small wins and losses.
Solana is evolving positively
AMBCrypto’s look at Solana’s price movements on a daily time frame provided a detailed snapshot of recent market behavior.
The week started with a decline for SOL, with the price falling around 3.8% on June 23 to close at around $128.63.
Despite the general market decline, especially on June 24, when Bitcoin [BTC] and most altcoins fell, Solana managed a remarkable recovery and closed the day around $132, which meant an increase of more than 2.8%.
At the time of writing, Solana was trading at around $138, marking a further increase of over 4%. However, despite this positive progress, technical indicators indicate that Solana remained in a bearish trend.
It was trading below its short-term moving average (yellow line), which often serves as a dynamic resistance level.
Moreover, the Relative Strength Index (RSI) remained below the neutral 50, indicating that overall momentum is still leaning towards the bearish side.
Source: TradingView
These indicators implied that while Solana has shown some bullish signals in the short term, the recovery is not yet strong enough to change the longer-term trend.
The positive sentiment at SOL is decreasing
AMBCrypto’s look at Solana’s weighted funding rate on Coinglass provided valuable insights into current sentiment and traders’ positions.
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At the time of writing, the financing rate was positive but declining and currently stood at approximately 0.0003%. The position showed that while buyers still dominated, their influence was waning.
Source: Coinglass
This change suggested that traders were becoming more cautious. Traders were less willing to pay a premium to hold long positions, which could pave the way for sellers to gain more influence in the market.
