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Meanwhile, Crenshaw — a crypto-critical commissioner who stood against the approval of Bitcoin ETFs — has just had her renomination vote postponed indefinitely, leaving her role at the agency up in the air.
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However, both Gensler and Lizarraga have recently announced that they will be leaving the agency in January.
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A warm Farcaster welcome to @oliviaria459!
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A warm Farcaster welcome to @ameliaor281!
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A warm Farcaster welcome to @jennyliver2298!
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A warm Farcaster welcome to @allte96ot!
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A warm Farcaster welcome to @theer613!
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A daily candlestick close below this level would confirm the continuation of the downtrend. The next logical move would be to the psychological level at $180, marking a 16% decline from the current price.
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The bears now focus on immediate support at $210, and later, the former resistance, which was flipped to support at $200.
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This appears to what has happened as the rise in SOL price to all-time highs led to overbought conditions on Nov. 22 when the daily RSI hit 77, as profit-booking set in.
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As a rule of technical analysis, a divergence between rising prices and a falling RSI indicates weakness in the prevailing uptrend, which can motivate traders to sell more at local highs.
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SOL’s price recorded a series of higher highs between April and November. But, in the same period, its daily RSI descended, forming lower highs.
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SOL’s drop today precedes a period of growing bearish divergence between its price and the relative strength index (RSI) in the daily timeframe.
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Additional data from Dune reveals a sharp reduction in Solana’s daily revenue, which currently stands at 12,361 SOL (~$2.7 million) on Dec. 9, down from a year-to-date high of 55,832 SOL (~12 million) on Nov. 23.
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This indicates suppressed network activity, and less overall user interaction with the platform resulting in lower revenues from fees.
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The amount of daily transactions on the Solana blockchain has nearly halved since Nov. 20.
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This accompanies a decline in onchain activity within the Solana ecosystem, according to the data provided by Dune dashboard pump.fun. Today’s SOL price drop was preceded by a sharp drop in the number of network transactions.
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