Solana Worth Falls Behind Bitcoin Rally: Right here’s the $1.26 Billion Sign Holding SOL Beneath $160…

Since Solana hit $159 stage on Monday, demand the SOL has nosedived each within the spot markets and by-product futures contracts.

The chart above exhibits that Solana buying and selling quantity had reached $6.02 billion on Monday Oct 15. However for the reason that $160 rejection, that determine has entered a steep decline, falling as low $four.7 billion at shut of Oct 18, reflecting $1.26 billion dip.

In the identical vein, Solana’s Open Curiosity additionally posted a major $140 million decline from $2.51 billion on Oct 15, to hit $2.37 on Oct 18.

Therefore, a $1.26 billion buying and selling quantity dip, and $140 million decline in Open Curiosity, present that demand for the native SOL coin took a significant dip in each the spot and derivatives markets, regardless of Solana memes racing up the highest gainers charts.

This explains why Solana’s bullish momentum weakened and stagnated under the $160 stage regardless of Bitcoin and different high ranked Layer-1 cash superior to new peaks.

With out an uptick in demand, Solana’s worth consolidation section might persist over the weekend, and bulls sit-and-wait for the following main constructive catalyst.

Solana Worth Forecast: Present Demand too Weak to Flip $160 Resistance

Solana worth has been range-bound between $150 and $160, dealing with sturdy resistance close to the $160 mark, which has acted as a ceiling for 3 consecutive weeks.

When it comes to short-term worth motion, the Solana’s major resistance stage is marked by the R1 pivot level at $159.39. Till SOL worth breaks by that key psychological $160 resistance, reversal dangers stay lively.