While the bullish outlook prevails in the cryptocurrency market, the journey has been tumultuous since the fourth quarter of 2023.
Solana price maintains its gains despite a broader market crash. SOL could climb 7% to the $200 psychological level last tested in December 2021. A break and close below $133.80 support level would invalidate the bullish thesis. Bitcoin price has led the volatility with altcoins following close behind. Through it all, however, Solana has been the outlier, resisting the trends and forging a path for itself.
This is beneficial for long traders as it lowers their overall cost of maintaining their positions. Notably, this could also play in favor of bulls as dwindling funding rates also allude to decreased demand for long positions or increased availability of funds for lending, influencing the funding rate to decrease.
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