Solana Price Stumbles Amid Weakening Retail Demand
Solana's price is experiencing downward pressure as it trades below its 50-day Exponential Moving Average (EMA) at $75.68.
Despite steady Exchange Traded Funds (ETF) inflows, totaling $14.62 million in July, the cryptocurrency's retail demand has weakened.
Solana's futures trading volume fell by 14% over the last 24 hours to $3.66 billion, while the funding rate turned negative at -0.0011%, indicating a bearish bias.
The technical outlook for Solana is mildly bearish as it faces downside momentum and trades below its descending trendline near $76.06.