Solana Price Drops Over 10% This Week
Solana (SOL) is trading below $209 as of Wednesday. The price has fallen more than 10% this week. On-chain data and derivatives show a bearish trend. Daily active addresses are declining, short positions are rising, and sellers dominate the market. Momentum indicators also point to further price weakness.
On-Chain and Derivatives Data Show Bearish Signals
- Daily Active Addresses on Solana have dropped to 2.43 million as of Tuesday. This decline suggests lower network demand.
- CryptoQuant’s Futures Taker CVD for SOL turned negative on September 13 and continues to fall. This means selling pressure is increasing.
- The Coinglass long-to-short ratio for Solana is 0.80, indicating more traders expect the price to fall.
Signs of Optimism and Price Outlook
Despite bearish data, there are some positive developments. Kazakhstan’s central bank launched a pilot stablecoin project called Evo. This stablecoin is pegged to the local currency and developed with Solana and Mastercard.
Helius Medical Technologies recently bought over 760,000 SOL tokens, worth about $167 million. The company plans to use its $335 million cash reserve to grow its digital asset holdings.
Solana price failed to hold support near $230 and dropped nearly 10% by Tuesday. If SOL closes below the 50-day EMA at $209.58, the price could fall further to $184.13. The RSI is at 42, showing bearish momentum. The MACD indicator also signals a sell trend.
However, if SOL finds support at the 50-day EMA and recovers, it could rise back toward $230 resistance.
