One of the emerging rivals to Ethereum (ETH) may be losing a bit of regard, according to cryptocurrency analytics firm Santiment. After boasting gains of more than 150% this 2023, Santiment noted that the current Solana (SOL) rally may be losing traction. Reports are that its surge in June seemingly arose from liquidating shorts. Per the analytics firm, the perfect buying opportunity was around the second week of June, due to the bearish spike in costs of funding. If the funding rate is above zero, this denotes that market bullish sentiment reigns, while a charge within negative values means that bearish market belief has hegemony. As of right now, the Binance variable is positive, showing a rate of 0.010%. Not too long ago in June, Binance plunged to a discouraging level of -0.045%. Furthermore, Santiment draws attention to the fact that since the beginning of the year, Solana’s social presence has taken a hit, potentially foretelling disinterest in its current rate. In December 2022, it plummeted all the way to a dismal price of $8, before now trading at a major high of $20.15 each; furnishing it with a growth of 152%.
