Solana Snowfall? Price Plunges Amidst Market Correction – Will It Get Worse?
12 Mayo 2024 - 10:00AM
NEWSBTC
Solana, the high-speed blockchain once hailed as an Ethereum
killer, finds itself in choppy waters. After reaching an all-time
high of $203 in March 2024, the cryptocurrency has experienced a
significant correction, currently trading at $145. Analysts warn of
a potential freefall, citing both external market forces and
internal ecosystem woes. Related Reading: XRP All Talk, No Action?
Social Media Booms, But Price Stuck In The Bear Pit Solana’s
Descent: A Shooting Star Loses Its Luster Technical indicators
paint a bleak picture for Solana. Alan Santana, a prominent crypto
analyst, points to the emergence of bearish candlestick patterns
like shooting stars and inverted hammers, alongside declining
trading volume. These signals suggest a potential loss of momentum
and investor confidence. Further fueling the bearish sentiment, the
broader cryptocurrency market has entered a correction phase.
Bitcoin, the bellwether of the industry, has dipped from its highs,
dragging other digital assets down with it. This market-wide
pullback weakens the overall demand for Solana, pushing its price
lower. ✴️ Solana 4X SHORT (222% Profits Potential) Solana peaked
March 2024, together with Bitcoin. One month later, April 2024, a
market correction was confirmed. This is confirmed by the fact that
support broke, in this case we have a “cap” pattern. ➖ Notice the
shooting star,… pic.twitter.com/JKynUDENJd — Alan Santana
(@lamatrades1111) May 11, 2024 Solana’s Internal Struggles: Network
Congestion And Founder Feuds Beyond external market pressures,
Solana faces internal challenges that threaten its stability. The
network has experienced periods of congestion, hindering
transaction speeds and scalability. These hiccups undermine
Solana’s core value proposition of being a faster and more
efficient alternative to Ethereum. Adding fuel to the fire, recent
public spats between founders of prominent Solana-based projects
have cast a shadow of disunity over the ecosystem. Such internal
conflicts raise concerns about leadership and the long-term
viability of the platform. At the time of writing, Solana was
trading at $145. Chart: TradingView Solana: Can It Weather The
Storm? The current situation presents a critical juncture for
Solana. The cryptocurrency’s future hinges on its ability to
navigate these challenges. On the one hand, some analysts remain
optimistic. Investment giant Franklin Templeton recently identified
Solana as a potential contender for the number three spot in the
cryptocurrency market, highlighting its potential for long-term
growth. Related Reading: ‘Jeo Boden’ Meme Coin Soars 20% After
Trump Diss – Details Additionally, the upcoming Breakpoint
conference in Singapore, a major gathering for the Solana
community, could serve as a catalyst for renewed investor
confidence. Solana’s story is far from over. Whether it emerges
from this storm as a resilient leader or fades into the background
remains to be seen. The coming months will be crucial for
determining the cryptocurrency’s long-term trajectory. Featured
image from Reformed Journal, chart from TradingView
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