Bitcoin isn’t the only digital token that suffered downturns over the last few days. Solana was among the alts that joined the plummeting price bandwagon. While publishing this post, Solana traded around $35, following an enormous 20% within the past seven days.
Though the token noted a brief 0.32% uptick within the past day, things remain stormy for Solana. Besides price, the alternative coin suffered in trading volume, with the metric plunging within the past three months.
Meanwhile, the coin’s market capitalization has slumped to $12.36 billion from $16.48B within that timeframe. Most speculators trust that such indications highlight the initial stages of SOL’s downfall. For instance, an ETH maximalist, Evan Van, tweeted about the project going back to zero, its ‘intrinsic’ value.
Though a cynical stance for most Solana investors, many speculators trust the bearish pressure will persist. Besides the mentioned information, the social media metric shows Solana could plummet further to explore levels beneath $32. The chary shows Solana has seen increased social media attention. Unfortunately, that didn’t reflect in SOL prices.
SOL Does Not Bother
The token’s 1-day chart reflects the negative sentiment within SOL. The altcoin has supported selling activities with occasional surges. Meanwhile, the price fluctuated inside $48 – $32. That has seen some investors resorting to the smooth strategy, selling whenever SOL tests the support and purchase upon resistance contact.
Meanwhile, the increasing bearish bias on Solana has some traders expecting prices to hit the $26 level again. Moreover, some expect more price plunges.
SOL’s Silver Lining
Besides no massive declined prices, $SOL has some impressive investor updates. Recently, Solana declared compatibility between the Coinbase wallet and Solana dApps.
Users can interact with SOL-powered games, DeFi, and cryptocurrency tools. Though the cynicism surrounding Solana, the altcoin boasts rebound capabilities. Therefore, investors should not lose faith in Solana’s SOL yet.
Meanwhile, the market remains in bearish hands. Most assets saw price declines over the past hours following minor upticks within the last 24 hours. Market sentiment remains deteriorated, and digital coins could witness more plunges in the upcoming sessions.
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