Amid a broader market downturn, i Solana blockchain, one of the best blockchain sites known for fast and cheap transactions, we have arranged a 45-day trading low. This has caused confusion among the crypto community, with a few supporters unsure of the asset’s next short-term trajectory.
Solana Operates Under Large Cryptocurrency Assets
Trading platform and crypto analyst TOBTC shared negative development on the X platform (formerly Twitter). According to the latest trading data cited by an expert, the blockchain has fallen sharply, indicating a significant drop in investor confidence in the cryptocurrency industry as a whole.
The platform noted that Solana fell to a 45-day low, with a further reduction of 24% since June 7, making it the bottom of the main cryptocurrency market. The data shared by the platform shows that Solana Network it has fallen far behind major networks such as Ethereum, Arbitrum, BNB Chain, Polygon, and Optimism, among others.
This decline occurs when macroeconomic uncertainty and the cautious attitudes of traders cause the digital asset market to experience significant volatility and selling pressure. For SOL, which has experienced a decline in price since its previous peak, the 45-day decline represents a reversal that has raised concerns about the crypto asset’s near-term prospects.
TOBTC attributes this decline to a combination of broader market weakness and some difficulties the network is facing. These include reduced on-chain activity, lack of demand for high-level positions, and competition from other smart contract-oriented blockchains.
Without higher demand or institutional support, the platform says the price of SOL may continue to decline, possibly crossing the $130 support level or below.
SOLThe inability to sustain an upward trend and overcome key resistance levels may result in a decline. SOL lost its support, dropping from a price of $161 to around $138 last week. However, the crypto asset has attracted a good price today, which shows the potential for further gains.
SOL Expects Big Rise in Fall
Despite this negative development was seen with Blame each othera well-known cryptocurrency expert and Chief Executive Officer (CEO) of Real Vision, Raoul Pal is still positive about a possible SOL meeting in the short term.
On Tuesday, Pal gave an interesting prediction for digital assets, citing the current price as a good entry point for investors interested in entering the market. “If you’re looking for a promotion from your SOL position, this would be a great place to come in,” he said.
Pal, in his bold prediction, compared the potential growth of SOL to a banana that is just starting to ripen. As a result, he is sure that the digital goods during the coming autumn season should be very good.
Featured image from Adobe Stock, chart from Tradingview.com
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