Solana (SOL) continues its price fall alongside wider crypto assets as investor sentiments weaken. The crypto market correction is dominating Bitcoin (BTC) and altcoins with assets plunging to lows not recorded in months. Although fluctuations are seen in the crypto prices, the downward trajectory has wiped out previously recorded gains.
Solana faces headwinds with a declining price as the crypto market tumbles. At press time, the market cap stands at $2.3 trillion plummeting over 3% in the last 24 hours while volumes stood at $69.8 billion. Solana also saw its market cap fall to $60.6 billion with declining decentralized finance activities and meme coin numbers.
Solana Might Touch $130
SOL trades at $131.19, declining 5.51% today above wider market numbers. The asset which saw a rebound above $150 now plunges below resistance levels wiping off gains. Seven-day market performance shows an 11% outflow adding to its 25% exits this month. Daily trading volumes are down 9% as the bear market bites harder.
Solana’s biggest problem remains reduced institutional investment like the wider market. However, indices for SOL appear more negative because it lack a clear path to a spot ETF. Spot Bitcoin ETFs attracted investors as a new window for traditional players to increase their crypto exposure.
Similarly, Ethereum recorded inflows based on anticipated trading of its spot ETFs. With downward crypto movements, investors are mostly attracted to the top two based on inroads to traditional funds.
End of The Road?
The next position for Solana is either below $130 or a sharp price rebound should positive macroeconomic factors emerge. Despite reduced perks compared to Bitcoin and Ethereum, Solana remains a top asset with surging DeFi numbers. The network is known for outpacing the wider market in times of a rebound. SOL bulls expect a rally on the heels of positive macro conditions like a cut in interest rates and pro-industry regulations.
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David is a finance news contributor with 4 years of experience in Blockchain Technology and Cryptocurrencies. He is interested in learning about emerging technologies and has an eye for breaking news. Staying updated with trends, David reported in several niches including regulation, partnerships, crypto assets, stocks, NFTs, etc. Away from the financial markets, David goes cycling and horse riding.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
