Solana Sees Bullish Long Positions Despite Price Dip, While Former Treasury Official Urges Urgent US Crypto Regulation
Solana Sees Bullish Long Positions Despite Price Dip, While Former Treasury Official Urges Urgent US Crypto Regulation
Solana (SOL) has experienced a 3% price drop, yet leveraged traders are showing strong conviction, piling into long positions with a significant mismatch against shorts, signaling expectations of a bounce. Meanwhile, former Treasury Secretary Scott Bessent is advocating for immediate congressional action on crypto regulation, warning that firms are exiting the United States due to the current regulatory landscape.
Solana Traders Eye Reversal Amid Price Weakness
Solana (SOL) price currently trades at $82.20, having dropped 3% in 24 hours. Despite this, leveraged traders are expressing strong bullish sentiment, accumulating $309 million in cumulative long leverage on platforms like Bybit, significantly outweighing the $127 million in shorts. This 2.4x mismatch indicates a strong belief in an impending price reversal, defying the recent price weakness.
Calls for Urgent Crypto Regulation in the US
In related news, Trump's Treasury Secretary Scott Bessent is demanding that Congress take immediate action on crypto regulation. Bessent has urged the Senate Banking Committee to prioritize the CLARITY Act, highlighting concerns that numerous crypto firms are choosing to leave the United States due to the current regulatory environment. This push comes as part of a broader effort to establish clearer guidelines for the digital asset industry within the US.