Stripe today expanded stablecoin payments to more than 160 markets, including support for Solana. In theory, this is a tangible positive for SOL, but the market's response has been lukewarm.
$SOL is now around 95.2, up 2.6% over 24 hours, which looks decent. The problem is that yesterday it surged to 98.14 before being pushed back down, and today it only reached a high of 97.1. The highs are getting lower. Meanwhile, BTC has already climbed above 80,000, and SOL is clearly struggling to keep up.
What's more concerning is the derivatives market: Binance's SOL perpetual long/short account ratio is 2.77, with more than 70% of accounts positioned long. Open interest is up only about 1.5% over 24 hours, and the funding rate is at a normal 0.01%. Traders are crowded into longs, but not much new money is coming in.
I'm leaning bearish in the short term. News like this from Stripe is a long-term narrative and won't show up in on-chain data within a few days; crowded longs combined with successively lower highs look more like a setup for a downward shakeout first. To change my mind, I'd need to see SOL reclaim 98 with strong volume, while open interest rises alongside it.
#SOL #Stripe $SOL
$SOL is now around 95.2, up 2.6% over 24 hours, which looks decent. The problem is that yesterday it surged to 98.14 before being pushed back down, and today it only reached a high of 97.1. The highs are getting lower. Meanwhile, BTC has already climbed above 80,000, and SOL is clearly struggling to keep up.
What's more concerning is the derivatives market: Binance's SOL perpetual long/short account ratio is 2.77, with more than 70% of accounts positioned long. Open interest is up only about 1.5% over 24 hours, and the funding rate is at a normal 0.01%. Traders are crowded into longs, but not much new money is coming in.
I'm leaning bearish in the short term. News like this from Stripe is a long-term narrative and won't show up in on-chain data within a few days; crowded longs combined with successively lower highs look more like a setup for a downward shakeout first. To change my mind, I'd need to see SOL reclaim 98 with strong volume, while open interest rises alongside it.
#SOL #Stripe $SOL
