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Will Solana price drop below $130 as bulls hold on?
Solana (SOL) continues its price decline alongside broader crypto assets as investor sentiment weakens. The cryptocurrency market correction is dominating Bitcoin (BTC) and altcoins, with assets plummeting to lows not seen in months. Although fluctuations are observed in cryptocurrency prices, the downward trajectory has erased previously recorded gains.
Solana faces difficulties with a falling price as the cryptocurrency market collapses. At the time of writing, the market capitalization stands at $2.3 trillion, falling more than 3% in the last 24 hours, while volumes stood at $69.8 billion. Solana also saw its market capitalization fall to $60.6 billion as decentralized financial assets declined
memetic currency numbers.
Solana could reach $130
SOL trades at $131.19, down 5.51% today from the broader market numbers. The asset that saw a rebound above $150 now collapses below resistance levels, erasing the gains. The seven-day market performance shows an 11% outflow on top of this month’s 25% outflows. Daily trading volumes fell 9% as the bear market bites harder.
Solana’s biggest problem remains the reduction of institutional investment as well as the broader market. However, SOL indices appear more negative as there is no clear path to a spot ETF. Stain
Bitcoin ETFs attracted investors as a new window for traditional traders to increase their exposure to cryptocurrencies.
Likewise, Ethereum has seen inflows based on early trading of its spot ETFs. With the bearish movements of cryptocurrencies, investors are mostly attracted to the first two based on the foray into traditional funds.
End of the street?
The next position for Solana is below $130 or a strong price rebound should positive macroeconomic factors emerge. Despite reduced advantages over Bitcoin and Ethereum, Solana remains a top asset with DeFi numbers on the rise. The network is known for outperforming the broader market in times of recovery. SOL bulls expect a rally on the back of positive macroeconomic conditions such as an interest rate cut and industry-friendly regulations.
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David is a financial 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 the latest news. Staying up to date on trends, David has reported in several niches including regulation, partnerships, cryptocurrencies, stocks, NFTs, etc. Away from the financial markets, David cycles and rides horses.