The post Solana Price Analysis: Can New LSTs Boost SOL Price Up? appeared on BitcoinEthereumNews.com.

Solana (SOL) has been under intense scrutiny in recent weeks, with its price displaying significant volatility. While the cryptocurrency has struggled to maintain its value, dropping below key moving averages, recent developments in Solana’s ecosystem, particularly with major exchanges’ introduction of Liquid Staking Tokens (LSTs), have sparked renewed interest. This article explores Solana’s current market challenges and the potential impact of these new products on its future trajectory. Solana Price Analysis: SOL Price Faces Bearish Pressure Below Key Averages Over the past month, the Solana price has seen a 25% decline, falling below crucial support levels. The cryptocurrency’s inability to stay above its 20-day Exponential Moving Average (EMA) and 50-day Simple Moving Average (SMA) has significantly contributed to the bearish sentiment. These moving averages typically act as resistance levels in a downtrend, and the failure for SOL price to maintain its price above them signals strong selling pressure. By TradingView – SOLUSD_2024-08-30 (1M) As of August 27, SOL price was trading at $137.86, with its 20-day EMA at $147.72 and its 50-day SMA at $155.74. The brief attempts to rally above these averages were short-lived, with profit-taking quickly driving the price back down. Additionally, the Relative Strength Index (RSI) of SOL price has been trending downward, currently at 40.89, indicating further weak buying interest. By TradingView – SOLUSD_2024-08-30 (3M) The sentiment in the futures market also reflects this bearish outlook, as traders have increasingly taken short positions. With a negative funding rate since August 28, the market seems to anticipate further declines, potentially driving the SOL price down to $133.64 or even $110 if negative sentiment persists. Positive Solana News: Major Exchanges Introduce Solana-Based Liquid Staking Tokens Despite the bearish trends, recent developments have injected some optimism into the Solana ecosystem. Three major crypto exchanges—Binance, Bybit, and Bitget—have teased the…

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Filed under: News - @ August 30, 2024 2:24 pm