Since the aforementioned data hinted at a trend reversal, AMBCrypto then analyzed SOL’s on-chain metrics to better understand whether a bull rally is possible. As per our analysis, SOL’s Funding Rate declined.
Generally, prices tend to move in the opposite direction from the Funding Rate. Its Open Interest fell along with its price, hinting at a change in the ongoing bearish price trend.
On top of that, SOL’s volume also dropped, further indicating a price increase in the coming days. Nonetheless, investors’ confidence in SOL remained low.
This seemed to be the case as its Weighted Sentiment dropped, meaning that bearish sentiment around the token was dominant in the market.
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