Solana (SOL) has been facing some challenges recently. After a 20% decline in August, the token is now dealing with increased short-selling activity in the derivatives market, as seen by a rise in open interest (OI). This bearish sentiment is further confirmed by a negative funding rate, which has remained low, indicating traders are expecting further declines.
On-chain activity has also slowed, with Solana's decentralized exchange (DEX) volumes hitting a 6-month low. Despite these headwinds, the token has managed to stay above critical support levels around $127, though there's a risk of further declines if it breaks below that threshold.
However, some analysts are optimistic about a potential recovery in September, predicting a slight uptick in SOL's price to around $133. Despite the bearish indicators, Solana has had a history of stronger performance during September in previous years.#solonapumping #Solana_Blockchain #solonameme #solonapriceupto200dollars #solona
