Solana price has succumbed to a 7% dip after rejecting the $250 resistance on Monday.
Solana price fell to $230 on Wednesday, down 8% from its 3-year peak of $248 recorded on Monday. Market demand for Solana dipped 52% in the last 72 hours, dropping from 9.9 billion to 6.7 billion SOL. In the derivatives markets, funding rates declined 50%, while open interest rose $630 million, signaling an influx of short positions. Negative shifts in vital trading indicators suggest bears could delay the all-time high breakout target.
Short traders mount pressure as funding rates drop 50% While trading volumes have declined by 52% amid the ongoing consolidation phase, Solana short traders are making strategic moves to regain market dominance. The Coinglass charts below depicts open interest and funding rate trends, two vital metrics for monitoring trading sentiment among short-term speculative traders.
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