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Solana

Solana (SOL) Sinks To 45-Day Low Amidst Market Downturn, Here’s Why

Godspower Owie
by Godspower Owie
1 year ago
·
Posted in Solana
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Amid a wider market decline, the Solana blockchain, one of the leading blockchain platforms known for its fast and inexpensive transactions, has fallen to a 45-day trading low. This has triggered quite a frenzy within the crypto community, with several proponents uncertain of the asset’s next short-term trajectory.

Solana Underperforms Major Cryptocurrency Assets

Trading platform and crypto analyst TOBTC shared the negative development on the X (formerly Twitter) platform. According to recent trading data cited by the expert, the blockchain has drastically declined, which is indicative of a major drop in investor trust in the cryptocurrency industry as a whole.

Related Reading: Solana Path To $140 Threshold: Analyst Predicts Major Downswing For SOL

The platform noted that Solana fell to a 45-day low, with an additional 24% reduction since June 7, underperforming the larger cryptocurrency market. The Data shared by the platform shows that the Solana network has fallen significantly behind major networks like Ethereum, Arbitrum, BNB Chain, Polygon, and Optimism, among others.

Solana
Solana dropping to a 45-day low | Source: TOBTC on X

This decline occurs when macroeconomic uncertainties and traders’ cautious attitudes are causing the digital asset market to experience greater volatility and selling pressure. For SOL, which has suffered a decline in price from its previous highs, the 45-day low represents a turning point that has raised concerns about the crypto asset’s near-term prospects. 

TOBTC attributes this decline to a combination of broader market weakness and particular difficulties the network is experiencing. These include reduced on-chain activity, lack of demand for leveraged positions, and competition from other smart contract-focused blockchains. 

Without heightened demand or institutional backing, the platform claims SOL’s valuation might persist in decline, possibly surpassing the pivotal $130 support level or less.

SOL‘s inability to sustain an upward trajectory and overcome significant resistance levels might also be attributed to the drop. SOL has lost its backing, falling from the $161 price to around $138 in the past week. However, the crypto asset has attracted positive price sentiment today, demonstrating strength for more gains.

SOL Poised For Substantial Rise In Autumn

Despite this negative development seen with Solana, a well-known cryptocurrency expert and Chief Executive Officer (CEO) of Real Vision, Raoul Pal is still bullish about a potentially massive rally for SOL in the short term. 

Related Reading: Solana Hits Major Support At $141 Amid Bitcoin Drop, Analyst Says It’s Time To Buy

On Tuesday, Pal offered an exciting prediction for the digital asset, citing the current price as a good entry zone for investors interested in getting into the market. “If you wanted a cheeky top-up of your SOL position, this would likely be a good entry zone,” he stated.

Pal, in his bullish forecast, compared the potential growth of SOL to bananas that are now beginning to mature. As a result, he is confident that the digital asset during the upcoming autumn season should be magnificent.

Solana
SOL trading at $138 on the 1D chart | Source: SOLUSDT on Tradingview.com
Featured image from Adobe Stock, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Godspower Owie

Godspower Owie

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Godspower Owie is my name, and I work for the news platforms NewsBTC and Bitcoinist. I sometimes like to think of myself as an explorer since I enjoy exploring new places, learning new things, especially valuable ones, and meeting new people who have an impact on my life, no matter how small. I value my family, friends, career, and time. Really, those are most likely the most significant aspects of every person's existence. Not illusions, but dreams are what I pursue.

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