Solana (SOL): Market Summary for December 1
Current Price: SOL is trading today around $125.00, experiencing a significant drop in the last 24 hours.
Today's Trend: Solana has started the month of December under strong bearish pressure. The token is recording its fifth consecutive negative session, with a drop of around 9.00% today. This decline is framed within a broader crypto market that has shrunk in capitalization and volatility.
Key Points to Observe:
Critical Supports: SOL is testing key support levels in the range of $126 to $128. If these levels are not maintained, the price could seek lower supports.
Market Sentiment: The overall sentiment is negative. Low global liquidity, restrictive monetary policies, and capital outflows from cryptocurrency-linked ETFs (over $3.5 billion in recent outflows) are influencing selling pressure across the ecosystem, including SOL.
Volatility: The market is showing a spike in volatility, suggesting that sharp movements both downwards and upwards are likely to continue, depending on liquidity news.
In summary: Today is a day of correction for SOL. Price action indicates that the support at $125 is crucial to avoid a deeper decline.$SOL
