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Technical analysis of Solana | Is Solana (SOL) Facing Selling Pressure?

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There is still constant pressure on Solana. Meanwhile, FTX and Alameda continue to dump millions of dollars. With this situation, is Solana (SOL) facing selling pressure? Follow this post from Solana’s technical analysis in “Pooyan Music“.

Is Solana (SOL) Facing Selling Pressure?

As Solana (SOL) nears a possible inflection point, the cryptocurrency market is being a bit cautious. Market analysts are closely monitoring the $31.2 million value of SOL. This level carries a significant risk of increased selling pressure. This development begs the question: Is Solana on the verge of a correction despite its recent golden cross pattern and steady performance amid sales by key players like FTX and Alameda?

The Golden Cross recently appeared in Solana’s chart. A pattern that usually indicates long-term positive movement. However, the bearish trading volume along with the rising SOL price shows a worrying divergence. A sign that fewer traders are supporting the current price level. And this may weaken the bullish power of the golden cross.

It is worth noting that the actions of FTX and Alameda have increased the selling pressure on Solana. These companies have been active sellers in the market. However, interestingly, the Solana’s price has remained relatively stable. This stability in the face of significant potential sales is a testament to the underlying demand for Solana (SOL) and its perceived value in the community.

High capital inflow and possibility of SOL amendment

However, SOL’s potential $31.2 million foray into the market could tip the scales. Dumping such a large amount has the potential to drastically reduce Solana’s price. This scenario is likely to be exacerbated by the current market overshoot. Where any sign of a major sell order could lead to panic selling among investors.

Considering these factors, the possibility of reforming Solana cannot be ignored. Golden Cross and Solana’s resilience against FTX and Alameda pressure are positive indicators. But the potential for large-scale sales and declining volumes is a cause for concern.