These Solana measures could give SOL investors a few sleepless nights because…

Solana Daily, a popular Twitter handle that posts updates on the Solana [SOL] ecosystem, recently uploaded Solana’s latest weekly report. The report mentions all the major developments on the network over the past week, including the integration of Solana with Google Cloud and the launch of Solana Mobile.


Meet AMBCrypto Price prediction for Solana [SOL] for 2023-24


While these developments have added a lot of value to the Solana network, the past week could be considered disastrous for FLOOR performance in terms of price action. According to CoinMarketCap, the coin has seen over 20% negative weekly gains.

At the time of writing, SOL was trade at $26.05, with a market cap of over $9.4 billion. Another bad news came for SOL when it lost its place on the list of top 10 cryptos by market capitalization. It was because Polygon [MATIC] knocked him down.

All of these red flags have made SOL a hot topic in the crypto community, which is evident from the CoinGecko data. FLOOR was on the hot list of cryptos on CoinGecko on November 7.

Darker days ahead for SOL

Despite the aforementioned updates, SOL development activity has shifted south. FLOORThe volume of , on the other hand, saw a strong rise while its price fell. This was a negative signal as it legitimized the downtrend.

Source: Santiment

The coin also failed to garner interest from the derivatives market as its Binance funding rate dropped significantly. The crypto community was also not entirely confident in SOL, which was evident by watching the decline in negative sentiment.

Source: Santiment

But be prepared for a price drop

FLOORThe daily chart for revealed that investors may have cause for concern as further price declines may be imminent over the next few days. The exponential moving average (EMA) ribbon showed that the 20-day EMA was lower than the 55-day EMA, and the gap between them increased, which was a bearish signal.

Additionally, the Money Flow Index (MFI) recorded a decline, suggesting lower prices. The Bollinger Bands (BB) indicated that the price of SOL was in an area of ​​high volatility, further increasing the possibility of a price drop. By the way, although the Chaikin Money Flow (CMF) held well below the neutral mark, it recorded a slight uptick, which might give some hope to investors.

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