$SOL price 👉 78

SOL Continues Weak Consolidation

After a 1.62% pullback in the last 24 hours and a 5.45% weekly decline, SOL is currently in a phase of consolidation. The price is under pressure, but there's no cause for panic; it's more of a sideways and uncertain trend.

The on-chain outlook is warmer. An additional $500 million worth of USDC was minted on the Solana network in the last 12 hours, bringing the total supply to $67.51 billion. This indicates continued expansion of institutional-scale stablecoin liquidity, providing clear liquidity support to the ecosystem.

Technically, the picture is balanced. The RSI is in the neutral zone at 49, and the MACD is near the zero line. This means that buyer and seller forces are balancing each other. The funding rate is healthy at 0.0038%, and the long/short ratio is 1.96, with the long side showing more appetite. However, the taker/sell ratio is almost equal, meaning neither side can gain the upper hand in the short term.

In summary, on-chain fundamentals remain strong, but there's no clear upside catalyst for price movement yet. In the short term, this sideways consolidation seems more likely.

Do you think SOL will manage to break above this consolidation despite increased liquidity, or will it continue to consolidate for a while longer?

This post is not investment advice; it is for informational purposes only.