$SOL is down 11.6% over seven days and the long short account ratio has not moved once: 2.37, 2.36, 2.51, 2.39, 2.38 across the last twenty hours. That is the number to sit with.
Price first. It trades at 106.82, down 3.27% on the day, inside a 101.69 to 110.49 range. That is 14.6% under the thirty day high of 124.95 and still 7.5% up over thirty days, so this is a give back inside an uptrend.
The flow is ordinary. 321.3 million on the main pair against a 273.7 million thirty day average, so 1.18 times a normal session over 891,158 trades. Open interest is 8.54 million tokens, up 1.4% in a day. Funding is 0.0025%, flat. Nothing forced anyone out.
That is exactly the problem. Two and a half accounts sit long for every one short after an 11% week, and the ratio did not flinch while price fell. Positioning that survives a drawdown intact is overhead supply, because those longs still have to be closed at some point.
Now the part price does not show. Fees on the chain were 830,224 in 24 hours, in line with the 238.6 million done over the last year. On chain exchange volume ran 2.23 billion in a day and 71.96 billion over thirty days. Dollar stablecoins parked on the chain total 15.95 billion. Value locked is 6.01 billion, down 8.6% on the week, which is close to the price move itself rather than deposits walking out.
So the usage held and the price did not. Levels: 110.49 caps today, 101.69 is the floor that matters, 95.82 is the thirty day low.
Follow for daily breakdowns on what moves and why.
#solana #altcoin #defi #macro #crypto
Price first. It trades at 106.82, down 3.27% on the day, inside a 101.69 to 110.49 range. That is 14.6% under the thirty day high of 124.95 and still 7.5% up over thirty days, so this is a give back inside an uptrend.
The flow is ordinary. 321.3 million on the main pair against a 273.7 million thirty day average, so 1.18 times a normal session over 891,158 trades. Open interest is 8.54 million tokens, up 1.4% in a day. Funding is 0.0025%, flat. Nothing forced anyone out.
That is exactly the problem. Two and a half accounts sit long for every one short after an 11% week, and the ratio did not flinch while price fell. Positioning that survives a drawdown intact is overhead supply, because those longs still have to be closed at some point.
Now the part price does not show. Fees on the chain were 830,224 in 24 hours, in line with the 238.6 million done over the last year. On chain exchange volume ran 2.23 billion in a day and 71.96 billion over thirty days. Dollar stablecoins parked on the chain total 15.95 billion. Value locked is 6.01 billion, down 8.6% on the week, which is close to the price move itself rather than deposits walking out.
So the usage held and the price did not. Levels: 110.49 caps today, 101.69 is the floor that matters, 95.82 is the thirty day low.
Follow for daily breakdowns on what moves and why.
#solana #altcoin #defi #macro #crypto