The price of Solana (SOL) is currently down 10% on the weekly chart, and the gains of altcoins have been almost wiped out. The entire market is in correction, and the total cryptocurrency market capitalization on August 28th has dropped by 7.8%.
Since the beginning of April, the price of Solana has fluctuated between $162 and $127. Although the market capitalization of PayPal stablecoin (PYUSD) based on Solana has exceeded $1 billion, on-chain activity and demand are declining.
Open interest: Solana's open interest has dropped by 12% in the past 24 hours. The open interest fell from a high of $2.83 billion to $2.08 billion in August, as the price of SOL fell by 16%. In addition, more than $15 million in liquidations added bearish pressure to the market.
Spot Sales: SOL has negative spot net flow, with $526 million of spot sales in the past month, ranking third. Although all assets have negative spot net flow, SOL has experienced the greatest selling pressure relative to market capitalization.
Solana's price could fall another 12% in the coming week. If SOL/USD can close above $140 next week, it may avoid a drop to $127. The 200-day EMA provides support, and SOL still has a chance to recover.
Solana is currently facing adjustment pressure, and market volatility and investor sentiment may affect short-term price movements. Keeping a close eye on support levels and market sentiment may provide more clues to future movements.
