Solana: Price and on-chain metrics show signs of weakness, says analyst

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Solana: Price and on-chain metrics show signs of weakness, says analyst
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Solana (SOL) price signals a possible bearish trend after failing to break above the barrier around $139.80 last week.

The cryptocurrency, which tested this support line, recorded a 5.3% drop in the following two days. At the time of writing, SOL is priced at $132.42, with a daily increase of 0.4%. According to analyst Manish Chhetri, the outlook is for Solana to continue its decline. Technical and on-chain signals suggest a loss of investor confidence.

Chhetri further highlighted that Solana faces a challenging scenario, especially if resistance at the trendline and 50-day exponential moving average (EMA) at $141.43 continues to hold.

“If the SOL price fails to overcome this barrier, there is a high chance that the asset will extend its decline by up to 9%, finding support near $120.91,” said the analyst.

Technical indicators corroborate this bearish view. Both the Relative Strength Index (RSI) and the Awesome Oscillator (AO), which measure price momentum, are below their neutral levels of 50 and zero, respectively.

As the analyst pointed out, these signs indicate that the bears are gaining strength. And this points to a sharper downward trend.

In addition to technical indicators, on-chain data also suggests a bearish outlook for Solana. According to Coinglass, SOL’s long-to-short ratio is at 0.88, down from 1 since Friday.

This means that more traders are betting on the asset’s decline. For Chhetri, this data reflects the negative market sentiment, with most investors positioning themselves for a decline in Solana’s value.

Another point of attention is Solana’s developer activity index, as measured by Santiment, which fell from 176.95 on Sunday to 166 on Tuesday. This metric, which tracks the level of development activity on the project’s public GitHub, has been declining since early September.

“Low development activity is a reflection of diminishing confidence in Solana blockchain projects. This is also negatively impacting investor sentiment,” Chhetri explained.

Solana: Price and on-chain metrics show signs of weakness, says analyst

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Solana: Price and on-chain metrics show signs of weakness, says analyst

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Solana: Price and on-chain metrics show signs of weakness, says analyst

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