 ▲ Solana (SOL) |
It recorded a temporary recovery amid the decline of Solana (SOL), one of Ethereum (ETH) rivals.
However, AMB Crypto, a media outlet specializing in cryptocurrency, paid attention to some on-chain indicators and diagnosed that there is a possibility of price increase.
One of the reasons presented by the media is Hybolck's Liquidation Levels. This indicator is an indicator that confirms the point where liquidity will occur. On June 26 (local time), the section with concentrated liquidity was found to have risen from $140 to $146. This suggests that Solana prices are likely to show an upward trend in this area in the short term.
For a short-term price upward trend to occur due to an increase in liquidity level, buying pressure must also increase.
The media also emphasized the importance of CLLD (Cumulative Liquidation Levels Delta), an indicator that calculates the difference between the sum of all long liquidation and short liquidation. As of the 26th, Solana's CLLD indicator was found to have recorded a positive value. This suggests that further liquidation of long positions may occur.
The results of Santiment's funding rate analysis, which remained positive, can also be presented as evidence to support Solana's overall strong expectations.
In addition, the media noted in another article that the proportion of staking tokens in the total supply has decreased, and said that the decrease in tradable supply can help maintain price stability.
