Solana changed hands at $69.58 on Wednesday, still roughly 80% below its all-time high. Data from CoinGlass shows the long-to-short ratio dropped to 0.94, meaning short positions have overtaken longs. The funding rate turned negative at -0.0080%, with short holders paying longs — a pattern often seen when traders expect further downside.
Derivatives Data Signal Cautious Mood
According to CoinGlass, Solana's long-to-short ratio fell below 1, reflecting a bearish tilt. The funding rate slipped into negative territory earlier this week and remained at -0.0080% on Wednesday. Analyst BATMAN noted that Solana's price is squeezed within a broad symmetric wedge pattern, with volatility narrowing and pressure persisting below the 200-day exponential moving average near $74.
Technical Resistance Capping Recovery
From a technical perspective, the first major resistance stands at $74.75. Just above, the 50-day EMA sits at $76.18. A more sustained recovery would face the 50% Fibonacci retracement at $79.27 and the 100-day EMA at $83.03. On the 4-hour chart, the MACD indicates consolidation, while the RSI at 46 remains below the neutral 50 level, suggesting a lack of clear bullish momentum.
| Indicator | Level | Meaning |
|---|---|---|
| Support | $60 | Key psychological floor |
| Initial resistance | $74.75 | Short-term level to overcome |
| 50-day EMA | $76.18 | Acts as a technical ceiling |
| 100-day EMA | $83.03 | Level for more sustained rebounds |
Monthly Chart Shows Historic Weakness
Zooming out to the monthly timeframe reveals a grimmer picture. Analyst Ash Crypto highlighted that Solana has posted eight consecutive months of declines — a record losing streak in the cryptocurrency's trading history. The monthly RSI is even lower than levels seen during the FTX collapse in 2022, indicating an extremely oversold market.
Institutional Interest Not Fully Lost
Despite overwhelmingly bearish signals, not all data points are negative. Spot Solana ETFs saw net inflows of $137,290 on Tuesday, according to SoSoValue. While modest, the inflow signals that some institutional appetite remains. Some market participants view the $50–$40 range as a potential accumulation zone. In the near term, holding above the $62–$63 band is seen as critical for support. On the upside, immediate targets include $68, $70, and $76 should momentum improve.