The price of Solana is falling

According to Coinglass, in the last 24 hours, the total value of short positions on Solana has reached $6 billion. This is significantly higher than the long positions totaling $5.38 billion.

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Currently, the ratio of long to short positions is 0.96. It measures the share of open long positions (bets on price increase) to short positions (bets on price decrease) in the market. This ratio indicates that bearish sentiment currently prevails in the SOL market. Additionally, the negative weighted sentiment of SOL confirms the bearish bias. It currently stands at -0.40.

This metric shows the overall market attitude towards the asset. If it is negative, discussions on social media are filled with negativity. This means that market participants expect a price drop and reduce trading activity to avoid losses.