Solana faces today’s pressure despite reports that Pantera Capital is pursuing a $1.25 billion salary increase to create a Nasdaq-listed Solana financial vehicle.
The announcement may have been a bullish driver, but is hidden by a wider market dip that has cut Sol by nearly 10% in the past 24 hours.
The $1.25 billion Pantera bed won’t boost Solana
Beincrypto previously reported that Pantera Capital is preparing to raise $500 million from investors and is preparing to turn the NASDAQ-registered company into a publicly traded Solana Investment Vehicle called “Solana Co.” The funds raised will be used to acquire Sol, with Pantera committing its own $100 million capital and holding the option to raise an additional $750 million.
Despite this news, Sol’s price response remains calm. The wider market slump has led the coin to cut almost double digits in the past day. During that period, open interest on its futures fell 11%, reaching $11.38 billion at the time of this writing.
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Open profit measures the total number of outstanding derivative contracts, including futures and options that have not yet been resolved. If it falls alongside a lower price, the trader closes the position rather than taking a new price. This suggests suppressing market convictions or reducing speculative interest.
Despite Pantera’s bullish story of pushing $1.25 billion in funding, Sol’s prices and drops of open interest indicate that the Bulls are losing their grip in the market.
The Solana Bears gain strength
Furthermore, on daily charts, Sol’s moving average convergence divergence (MACD) forms a bearish crossover, suggesting deep losses in the short term.
The MACD indicator identifies trends and momentum in asset price movement. This helps traders find potential purchase or sale signals through a crossover between the MACD line and the signal line.
When the asset’s MACD line (blue) falls below the signal line (orange), a bearish crossover pattern appears, indicating a breakdown of the market’s bullish structure.
Like SOL, when the MACD line crosses bear the signal line, it shows bearish momentum and decline buying intensity.
Does Solana slide or soar?
Traders usually interpret potential MACD bearish crossovers as sales signals. So for Sellofs Spike, Sol could extend the decline and drop to $171.88.
On the other hand, if Demand Rockets and Bulls regain control, they could trigger a rebound to $195.55.
Pantera’s $1.25 billion Solana Bet first appeared in Beincrypto after failing to stop Sol’s 10% market slides.
