Solana futures funding rate turns negative: Is $78 SOL next?

Solana futures funding turned negative as demand for SOL and its associated decentralized exchanges fell. Will traders buy the dip or is $78 next?

Key takeaways:

Solana’s native token SOL (SOL) faced a 15% correction following a rejection at $98 on May 11. A retest of the $83 level on Tuesday was followed by negative futures funding rates, indicating increased demand for short SOL positions. 

While declining network activity contributed to the price drop, competition among rival blockchain networks has picked up. 

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