Solana’s Bearish Trend: Should Traders Cancel Shorts As Volume Declines?

• Solana’s trading volume drop triggers worries, with bearish signals heightening as resistance levels hold strong.
• Alan Santana notes a bearish shift in Solana, contrasting steady 2023 volume with a decreasing pattern in 2024.
• Decreased volume near resistance recommends weakening purchaser interest, showing possible down pressure for Solana.

The trading volume drop of Solana is now triggering some issues amongst the traders.In a current X post, Alan Santana maps the existing volumes versus those from 2023, leading to a prospective modification in Solana’s cost course. However, while Bitcoin is having a excellent time, SOL market indications appearance more like a bearish image, with decreasing trading volumes and relentless resistance levels keeping the property under pressure.

Solana’s trading volume was reasonably steady inbetween September and November 2023, previous to the start of a significant bullish rise which moved the property up. This rise recommended that financiers were restoring self-confidence, and hence, purchasing ability, which is useful for Solana’s rate boost.  Nevertheless, the trading volume on SOL has decreased from August to October2024 Santana sees this as bearish since the subsiding interest of purchasers might be an indicator of cost drop. 

Bearish Momentum In Solana

Loss of volume near essential resistance levels might signal a decreasing purchasing pressure that is typically accompanied by bearish pressure that breaks out downward. This modification from an passionate volume boost in 2023 to a bearish volume contraction in 2024 paints a rather bearish image for SOL in the near term.

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