Solana price eyes $250 rebound at traders stake $260M in 5 days
The post Solana price eyes $250 rebound at traders stake $260M in 5 days appeared on BitcoinEthereumNews.com.
Solana (SOL) consolidated above the $185 support on January 11 as bulls stepped in to halt weekly time frame losses at 20%. On-chain metrics show that SOL staking deposits surged considerably amid the market dip. Is SOL price forming a local bottom? Solana (SOL) Price Stabilizes at $185 as Staking Inflows Surge Solana experienced volatile price action this week, mirroring the broader crypto market turbulence. The heightened selling pressure stemmed from macroeconomic concerns and a U.S. court’s approval of the Department of Justice’s liquidation of $6.5 billion worth of Bitcoin seized from the Silk Road. Solana price action | SOLUSD Solana price dropped sharply, losing 15.7% of its value between January 5 and January 9. This decline mirrored the altcoin market’s broader sell-off as cascading liquidations intensified bearish sentiment. However, SOL price found support near the $180 mark on Thursday, as seller fatigue set in and traders began opting to staking their assets. At the time of writing on January 11, SOL price has entered a mild rebound to reclaim the $186 level, signaling the formation of a local bottom as traders await the next breakout catalyst. Investors Staked 1.4 Million SOL In The Last 5-days This stabilization above $180 has sparked optimism that Solana may consolidate within the $180–$200 range in the near term. Staking inflows into the Solana ecosystem, which have seen a surge over the past few days, also lend credence to the narrative of a potential recovery. Confirming this, the StakingRewards chart below tracks daily changes in the value of SOL coins deposited in staking contracts. This provides insights into the short-term sentiment among Solana’s key stakeholders and network validators during a specific market phase. Solana Staking Deposits vs. SOL price | Source: StakingRewards. Solana staking deposits stood at 388.8 million SOL as of January 5.…
Filed under: News - @ January 11, 2025 1:27 pm