- Solana will register its largest one -day unlock on the market.
- Market sentiment has become Beararish and shows a tendency for SOL to fall back to $ 100.
Solana’s [SOL] The performance in the market was very Bearish, whereby the active lost a remarkable 17.79% in the past month and dampens its rally trajectory.
The decline has continued in the last 24 hours, with a loss of 1.69% during this period.
Market sentiment does not seem to give a preference to a potential push up for SOL, especially with a token disease set of $ 200 million and the active level that loses an important level of support at the graph.
Potential impact of solid token -disposal
Recent market analysis by Arkham Intelligence shows that an enormous token release will take place on April 4.
According to the details of the unlocking, four whales – surrenderes that arrange between 0.1% to 1% of the token stock – which each set up for $ 37.7 million in SOL in April 2021, to unlock their token and to win only 5.5x.
Source: Arkham Intelligence
The current valuation of this unlocking is $ 200 million. If this happens, the Sol supply on the market could increase, which would actively push it lower if there is insufficient demand to absorb the supply.
Currently, the market sentiment is particularly Beerarish, which means that it is weak for a market purchase and Sol could dive further.
Back potential remains weak
The potential for the demand on the market remains low, because the activity of the most important indicators the activity of the market parties in following has decreased.
Desse-Tijd data reveals that there has been a significant decrease in daily transactions in the last 24 hours. The count has fallen from a peak of 91.4 million on 1 April to 72.9 million at the time of writing.
A sharp decline such as this means that sentiment has become negative and these addresses have probably sold their SOL, which means that the number of transactions is falling.
Source: Artemis
This Bearish market story is clear, given the divergence between decentralized exchange trading volume and price decline in the past week.
While the price fell by 13% last week, the trade volume rose from $ 1.3 billion to $ 1.76 billion – an increase of $ 460 million.
When there is a divergence between price and volume – price falls while the volume rises – this implies that the sales pressure on the active, in this case SOL, is high and supported by Solid Momentum.
Where the next SOL?
The sales pressure on SOL could force it to dive further, because it loses an important level of support at the graph at $ 128-one that previously acted as a catalyst for SOL that reached its highest peak of around $ 295.
Source: TradingView
According to Ambcrypttos’s analysis of price action, the following likely step is that it is actively falling to the support level at $ 100.34.
Increased sales pressure could actively further float to the next potential support for $ 85.
Credit : ambcrypto.com
