solana Faces major Decline, But ETF and Upgrade Offer Hope
Solana’s token value took a hit last week, plunging to $192. This represents a 20% drop from its monthly peak, wiping out billions in value.The decline was accompanied by a surge in liquidations, totaling over $400 million for the week.
According to CoinGlass, liquidations spiked to $250 million on Monday, with an additional $82 million on Friday. These liquidations signal that exchanges are closing bullish positions, a bearish sign. The futures open interest also fell to $13.4 billion, down from $17.1 billion, indicating investor hesitation.
Despite the downturn, there are reasons for optimism. The REX-Osprey SOL + Staking ETF (SSK) is gaining traction, holding $301 million in assets. This ETF’s success suggests ongoing investor interest. The upcoming Alpenglow network upgrade could also boost Solana.this upgrade will introduce faster speeds and a shift to proof-of-staking, potentially improving the network’s performance.
However, not all news is negative. The REX-Osprey SOL + Staking ETF (SSK) is attracting meaningful inflows, holding $301 million in assets.This indicates strong demand. Additionally, the Alpenglow upgrade, set for release soon, will enhance Solana’s performance with faster speeds and a shift to proof-of-staking.
Technically, Solana’s price bottomed at $191, aligning with key support levels. If it holds this level, a retest of $250 is possible, suggesting a 26% upside. Though, a drop below the ascending trendline could invalidate this bullish outlook.
- Solana’s price fell 20% to $192.
- Over $400 million in liquidations occurred this week.
- The REX-Osprey SOL + staking ETF is gaining popularity.
- The Alpenglow upgrade will improve network performance.
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