Market Sentiment Turns Neutral as Traders Remain Bearish on SOL

According to BlockBeats, recent data from Coinglass indicates that after a rise from last night to this morning, the funding rates on major centralized and decentralized exchanges have returned to a neutral stance. However, there is a significant number of traders who remain bearish on SOL. Funding rates are fees set by cryptocurrency trading platforms to maintain the balance between contract prices and the prices of underlying assets, typically applied to perpetual contracts. This mechanism facilitates the exchange of funds between long and short traders, without the platform charging this fee, to adjust the cost or profit of holding contracts and keep contract prices close to the underlying asset prices. A funding rate of 0.01% signifies a baseline rate. When the funding rate exceeds 0.01%, it indicates a generally bullish market sentiment. Conversely, when the funding rate falls below 0.005%, it reflects a bearish market sentiment.