$SOL up 3.68%, with the funding rate at just 0.002%
The funding rate is unusually low. Longs are indeed paying, but no one on the leveraged side got positioned early, so the money behind this rebound has to come from spot markets.
Trading volume over the past three days was 1.3 times the norm for the previous 20 days, with $334 million in open interest. Taken together, these figures suggest this move is more likely being driven by spot buying.
The November 4 daily candle had a low of 89.78 and closed at 96.65, with volume rising to 1.7 times the average. The previous day also tested the bottom in the same area, but only this day managed to close back up. The 89.78 level has been validated by price action.
The price is still in the bottom quarter of the Bollinger Bands and sits only 20% into its 30-day range, so there is still room to move higher. Bandwidth is below its recent midpoint but not compressed, leaving room for the recovery to extend.
The 20-day moving average is at 100.32 and still trending down; it is the first hurdle the rebound has to clear. A break below 89.78 would invalidate this entire scenario.
Billion-dollar asset manager Schroders has put an emerging-market bond strategy on Solana as a tokenized fund through Centrifuge. This kind of capital is buying on-chain assets and settlement infrastructure, providing more of a floor than a lift.
The hacker’s 81% of stolen SOL is also taking a detour through THORChain.
This is the early stage of a low-level recovery, so progress will be slow, and the 20-day moving average still needs to be cleared. Over the next few days, I expect the price to consolidate at low levels first. Once it holds above the 20-day moving average, 104 is the target for this leg.
#sol
The funding rate is unusually low. Longs are indeed paying, but no one on the leveraged side got positioned early, so the money behind this rebound has to come from spot markets.
Trading volume over the past three days was 1.3 times the norm for the previous 20 days, with $334 million in open interest. Taken together, these figures suggest this move is more likely being driven by spot buying.
The November 4 daily candle had a low of 89.78 and closed at 96.65, with volume rising to 1.7 times the average. The previous day also tested the bottom in the same area, but only this day managed to close back up. The 89.78 level has been validated by price action.
The price is still in the bottom quarter of the Bollinger Bands and sits only 20% into its 30-day range, so there is still room to move higher. Bandwidth is below its recent midpoint but not compressed, leaving room for the recovery to extend.
The 20-day moving average is at 100.32 and still trending down; it is the first hurdle the rebound has to clear. A break below 89.78 would invalidate this entire scenario.
Billion-dollar asset manager Schroders has put an emerging-market bond strategy on Solana as a tokenized fund through Centrifuge. This kind of capital is buying on-chain assets and settlement infrastructure, providing more of a floor than a lift.
The hacker’s 81% of stolen SOL is also taking a detour through THORChain.
This is the early stage of a low-level recovery, so progress will be slow, and the 20-day moving average still needs to be cleared. Over the next few days, I expect the price to consolidate at low levels first. Once it holds above the 20-day moving average, 104 is the target for this leg.
#sol