💦💦Demand for Solana (SOL) has decreased: Price may be suppressed! 💦💦
Solana's (SOL) total locked value (TVL) has fallen significantly, falling to its lowest level this month.
Since the beginning of December, more than $1 billion in value has been withdrawn from Solana's DeFi ecosystem. This significant decrease in TVL is directly related to the decrease in the number of daily active addresses on the network. The general downward trend in the market and the weakening of the memecoin trend have had a negative impact on the Solana network. According to DeFiLlama data, Solana's total locked value is currently at $8.01 billion. Since December 1, there has been an outflow of $1.1 billion, a decrease of 12%. Jito, one of the largest DeFi protocols on the network, has been significantly affected by this decline, experiencing a 28% decrease in TVL compared to last month.
SOL’s daily chart is notable for its negative Chaikin Money Flow (CMF) data, which indicates that demand is decreasing. This indicator is currently at -0.04. CMF combines price and volume data by measuring the accumulation or distribution of an asset over a period of time. A negative CMF value indicates that there is more distribution (selling pressure) in the market and that buying pressure has been left behind. This indicates that the price is likely to continue falling. If the selling pressure on SOL continues, the price could fall to $168.83.
However, factors such as a recovery in the market or a renewed momentum in the memecoin trend could cause the price to move upwards. In this case, the $200 level could be targeted.
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