On the first day of July, we figure out how things are with SOLANA and what to expect from the price of SOL in the new month.
The price of SOLANA (SOL) will continue to respond to the situation with liquidity, interest in altcoins and the traction of investors in risk.
SOL/BTC ratio falls by 90%
The SOL/BTC ratio decreased most of June, but the recovery began in the last week of the month. The metric shows the dynamics of SOLANA compared to bitcoin (BTC). The growth of the indicator indicates the superiority of SOL over BTC. The fall suggests that SOL has fallen in price relative to BTC, reflects the departure of investors from more risky altcoins.
From June 1 to June 27, the Sol/BTC ratio fell by 90% to 0.00013. This means that Solana weakened relative to BTC, since market moods worsened most of the month. Over the past week, the value has restored, reflecting the growth in the price of SOL. However, the volatility of the market still creates risks, especially when traders continue to look for safe assets.
Solana is faced with a liquidity crisis
In an exclusive interview with Beincrypto, Martins Benkitis, co -founder and General Director of Gravity Team, noted that SOL continues to concede such large cryptocurrencies as BTC and ETH. Its price is likely to remain under pressure, since the appetite to risk continues to decline.
Benkitis explained that market flows are now being formed clearly in favor of large cryptocurrencies:
A change in the liquidity of stablecoins in different networks confirms the words of Benkitis. According to Defillama, the liquidity of stabilcoins on the Ethereum network increased by 2% over the last month to $ 125 billion at the time of publication.
At the same time, the liquidity of stablecoins in Solara fell by 9%, indicating a decrease in trade activity on the network.
Stebblecoins are the main source of trade capital in decentralized finance (Defi). When liquidity falls, traders and investors withdraw funds to reduce risks. For SOLANA, a decrease in liquidity by 9% means that in its ecosystem there is now less capital to support market activity. Reducing liquidity makes the asset more vulnerable to sharp fluctuations in prices and reduces growth potential. This can put pressure on the price in July.
RSI is close to breakdown, risks are growing
On the daily graphics, the falling relative force index (RSI) indicates possible problems in July. At the time of writing, this pulse indicator decreased to 50.27 and was ready to break through the neutral line.
If the RSI remains above the neutral level, the interest of customers may resume. Such a scenario is able to push the price of a coin to $ 158.80. However, due to a decrease in liquidity and caution of SOL holders, the price may fall below $ 148.81 to $ 142.59.
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Source: Cryptocurrency
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