Solana Sits on $76.39 Floor After a Fall That Looks Too Fast

Solana (SOL) trades near $77, on its $76.39 floor. A floor is a price where falls have stopped before. The price is down about 15% over the past 7 days.

Its relative strength index, a 0 to 100 score of how strongly the price has risen or fallen lately, reads 19.

The relative strength index has fallen below 30. Source: Binance SOL/USDT daily prices, to the 13 November daily close, computed by www.altcoinbuzz.io.

Below 30, a Fall Is Often Read as Too Fast

Below 30, the score is often read as a fall that went too fast. The past week's drop is far more than the usual daily swings would add up to over the same days.

Over the past 30 days the price is down about 26%. The 13 November close was the lowest in 30 days.

Buyers on Binance Futures Still Pay a Premium

On Binance futures, buyers are still paying to hold their positions. The funding rate, what traders on one side pay the other to keep their positions open, was about 70% above the past week's average. A positive rate means buyers pay.

Liquidity has drained from crypto as well. Glassnode, the analytics firm, reported stablecoin supply contracted $14.2 billion over 30 days, the fastest since June 2022. That cut the dollars available to buy coins.

$76.39 and $80.83: Solana's Two Lines to Settle

A daily close, the last price of the day, is what would settle the test. The price is testing its $76.39 floor now.

That floor has turned the price back 7 times since early February. The last turn came on 31 July.

A daily close above $80.83, about 5% above the price, would take it back over that level. The next level up is $83.98, about 9% above.

A daily close below $76.39 would leave the floor behind. The next level down is $70.58, about 8% below.

A daily close below $76.39 or above $80.83 would settle the test. Source: Binance SOL/USDT daily prices, to the 13 November daily close, computed by www.altcoinbuzz.io.

Above $80.83 or below $76.39, the day's last price is what would answer it. Until one of those closes lands, Solana stays on its floor.