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Solana Projected To Reach $500 This Year Despite Market Meltdown, Expert Predicts

Solana (SOL), currently ranked as the fifth largest cryptocurrency with a market capitalization of $56 billion, has experienced a significant decline amid the recent market meltdown affecting the digital asset space. 

Over the past 24 hours, SOL has witnessed an 8% drop, reflecting the broader market downturn. Despite this setback, experts believe that if the cryptocurrency maintains support above the $120 price level, it holds notable potential for a strong price recovery in the coming months.

Bullish Price Outlook And Key Support Levels To Watch 

After reaching a yearly high of $209 on March 18, SOL’s current trading price is $124. However, according to crypto market experts, SOL still has a promising outlook. 

Altcoin Sherpa, a renowned analyst, suggests that if the altcoin market continues to decline, the $120 price level may become an area of significant interest for SOL. 

Altcoin Sherpa maintains a bullish sentiment, strongly believing that SOL can potentially exceed $500 this year. Such a surge would represent a significant 300% price increase from current levels, building upon the impressive 426% year-to-date price growth. 

It is worth noting that this projection is nearly double SOL’s previous all-time high (ATH) of $259, reached during the last crypto market bull run in November 2021.

Solana

In addition to the analyst’s focus on the $120 price mark, other major resistance levels for SOL have been identified. These include $110, $102, and the critical long-term support level at $74, representing SOL’s uptrend structure over the past six months. 

Solana Dominates Blockchain Trading Volume

According to a recent CoinGecko report, Solana has secured its position as the second-largest blockchain by trading volume, commanding a substantial 21.3% market share in March 2024. 

The blockchain platform experienced a notable monthly growth of 244.8%, with trading volume surging to $40.05 billion, a significant increase from $11.61 billion in February. 

Solana’s performance in the first quarter of 2024 was equally significant. It accounted for 14.4% of all decentralized exchange (DEX) trading volume, totaling $62.31 billion. 

This represents a quarter-on-quarter (QoQ) growth of 242.7% compared to the previous quarter’s volume of $18.18 billion. Despite strong growth, Solana’s market share in the same quarter ranked fourth, trailing behind Binance Smart Chain (BSC).

Solana

According to CoinGecko, Solana’s trading volume has been greatly bolstered by several factors. Firstly, the doubling in the price of Solana’s native token, SOL, has attracted increased attention and trading activity on the platform. 

Additionally, the network has witnessed large airdrops from projects such as Jito (JTO) and Jupiter (JUP), further fueling trading volume. Moreover, the surge in memecoins on the Solana network has significantly contributed to its trading volume. 

Notably, the launch of Book of Memes (BOME) in March proved successful, as it achieved a market capitalization of $1 billion within two days. BOME also secured listings on crypto exchanges like Binance and Bybit, further amplifying trading activity on Solana.

Featured image from Shutterstock, chart from TradingView.com

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Solana Price Jumps 7% On Bitcoin And Ethereum ETF Approvals, Network Congestion Update

Solana’s price saw a notable recovery on Monday after a steep decline over the past seven days. This was supported by positive developments in the Bitcoin (BTC) and Ethereum (ETH) markets, which came alongside the approval of exchange-traded funds (ETFs) for both cryptocurrencies in Hong Kong. 

Additionally, Solana addressed its ongoing network congestion issues with a new update, aiming to rectify transaction failures and outages.

New Update Tackling Implementation Bug

According to Mert Mumtaz, CEO of Helius Labs, Solana’s recent network congestion issues were attributed to an implementation bug rather than a fundamental design flaw. Mumtaz clarified that Solana’s current predicament results from a flaw in implementing a specific protocol. 

According to Anza, a spin-off of Solana Labs, Solana has released a new update to its validator client software to combat this. The update, v1.17.31, aims to reduce network congestion and will be followed by further improvements in v1.18.

Anza emphasized the update’s significance, urging MainnetBeta validators to adopt it. The enhancements introduced in the update are expected to mitigate Solana’s ongoing network congestion issues. 

Furthermore, validators were advised to upgrade their systems when there is less than 5% delinquent stake, ensuring they have sufficient time to monitor the node after the upgrade.

Any issues encountered during the upgrade were to be reported to ⁠mb-validators. Solana Status, a trusted source, corroborated the announcement, recommending the v1.17.31 release for general use.

Trent.sol, Solana’s developer and operations manager, emphasized that the effectiveness of the update would be proportional to its adoption across the network. 

While the improvements primarily target Solana’s Stake Weighted Quality of Service (SWQOS) and may not result in significant changes to the reliability of unstacked Tensor processing units (TPU) traffic, Solana users were advised to keep delinquency below 5% during the upgrade process. 

Furthermore, Anza hinted at additional enhancements in the pipeline, urging users to stay tuned for further updates.

Solana Price Rebounds With 7% Surge

After unveiling updates to enhance network efficiency, the Solana price has surged by over 7%. This surge has helped offset the ongoing downtrend experienced by Solana, which amounted to nearly 21% over the past month. 

In addition, the Hong Kong SFC has officially approved several spot Bitcoin and Ethereum ETFs, including asset managers such as China Asset Management, Bosera Capital, HashKey Capital Limited, and an in-principle approval for Harvest Global Investments. 

This regulatory approval has not only positively impacted the prices of Bitcoin and Ethereum but has also instilled a sense of positivity in the overall cryptocurrency market. As a result, the top 10 cryptocurrencies have witnessed significant uptrends, riding on the wave of these developments.

Despite the recent surge in Solana’s price, SOL’s trading volume has decreased by -44.70% in the last 24 hours, indicating a recent decline in market activity, according to CoinGecko data. 

Solana’s current trading price of $151.40 presents the first obstacle in the cryptocurrency’s path toward further price gains. If this hurdle is surpassed, the next significant resistance lies at $170, which would signify a recovery of SOL’s gains recorded over the past month. 

On the other hand, the $130 mark has proven to be a strong support level for Solana, representing the foundation of SOL’s one-month bullish structure, which propelled its price rally to nearly three-year highs of $210 on March 18.

Solana Price

Featured image from Shutterstock, chart from TradingView.com

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Solana (SOL) Price Rally Over? What The Fundamentals Say

Solana (SOL) has recently become a focal point of discussion among investors and analysts. After surging from below $22 to a high of $210 within six months, and currently trading at around $174—a nearly 700% increase—questions arise about the sustainability of its price rally.

Despite the impressive surge, SOL remains 50% shy of its November 2021 all-time high of $260. The recent consolidation pattern over the past four weeks suggests a cooling off period. As the market looks forward, understanding the underlying fundamentals becomes crucial.

Jamie Coutts, Chief Crypto Analyst (CMT) at Real Vision, notes in an analysis, “While Solana’s outperformance has waned in the past month, it is still the best-performing network in the past 12–18 months by a country mile. […] Solana’s price adjustment seems abrupt but is aligned with fundamental indicators that suggest a stabilizing rather than diminishing value proposition,” Coutts explains.

Solana Fundamentals Remain Strong

Solana’s Daily Active Users (DAUs) have risen dramatically, up more than 400% over the last nine months. This growth places Solana in a rarefied group of networks boasting over 1 million DAUs. Despite not reaching its 2021 peak DAUs, which may have been inflated by synthetic activities linked to the FTX exchange, the nature of engagement on Solana has evolved.

“The ecosystem is maturing; the engagement we see today is fundamentally different—more diverse and significantly more integrated with real-world applications,” Coutts remarked. He highlighted the burgeoning sectors contributing to this growth, including artificial intelligence, decentralized finance, consumer applications, and the burgeoning memecoin and NFT spaces.

With a significant retracement from its 2021 peak price, Solana’s market capitalization has still managed to hit new highs this cycle, suggesting a broadening base of investment and valuation recalibration. “The Network Value to User (NVU) ratio indicates that while the asset appreciation is notable, it’s the user growth that provides a compelling story for Solana,” Coutts notes.

At present, Solana’s NVU ratio fluctuates between 50-100, reflective of a balanced growth-to-value dynamic when compared with other networks where speculative value often outstrips user growth.

One of the standout metrics for Solana this cycle has been its fee revenue, which has seen a sixfold increase in a nine-month period. Daily fees now average $1.8 million, a fortyfold increase. This surge is largely attributable to the network’s increasing utilization across various applications.

“Fee income not reaching its peak is a misnomer; what’s crucial is that the financial underpinnings of the network—highlighted by fee income—are stronger than ever,” Coutts emphasized. He also compared Solana’s fee income, which reached about 20% of Ethereum’s in March, demonstrating its growing financial stature within the ecosystem.

Solana Vs. Ethereum And Future Outlook

While Solana still lags behind Ethereum in terms of total dApps, its economic indicators are robust. With 134 dApps, compared to Ethereum’s 2,702, Solana’s dApp cash flow intensity is second only to Ethereum, indicating a high monetization capability per application. “Solana’s smaller, more potent suite of applications is driving economic efficiency that rivals even the largest networks,” states Coutts.

Despite the speculative components associated with memecoins and airdrops driving part of the transaction volume, Solana’s adjusted fee growth metric isolates and highlights genuine economic activity. With a staggering real fee growth rate of 3,259.7%, Solana leads all networks in this metric.

“While some underlying activities might be transitory, the intense and growing usage of Solana’s blockchain is undeniable evidence of its utility and viability,” Coutts concludes.

As Solana continues to develop and expand its ecosystem, the fundamental analysis underscores a network that not only maintains robust health and economic vigor but is also poised for future growth. This paints a picture of a blockchain platform that, despite market volatilities, remains a leading player in the crypto landscape, backed by strong fundamentals and promising growth metrics.

At press time, SOL traded at $173.47.

Solana price

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Solana Open Interest Drops $370 Million Amid Network Troubles, $200 Still Possible?

Amid the issues that continue to plague the network, the Solana open interest has seen a drop in the last week. This drop coincides with a decline in the cryptocurrency’s price, suggesting that investors may be getting wary of waiting for a fix to come through.

Solana Open Interest Drops By $370 Million

Solana saw its open interest rise steadily since the start of 2024, hitting an all-time high after an all-time high in the process. Between January and April, the Solana open interest went from around $1.22 billion to hit a new all-time high of $2.86 billion on April 1. This translates to an over 100% increase over this three-month period.

However, since hitting this new milestone, the cryptocurrency has encountered issues which have presented in the form of a network halt. Around a week ago, Solana users noticed that the blockchain had stopped processing transactions as usual, leading to a standstill in network activities.

Expectations at the time were that the network would be back up and running in a matter of hours like it usually does. However, this has proven not to be the case, as the network is going on a week of downtime, one of the longest in its history.

Since the network issues began, the SOL open interest has been falling as traders take a more cautionary approach. Coinglass data shows that the open interest is currently sitting at $2.39 billion on April 19, down $370 million from its all-time high, which is a 12.9% decline in around a week.

Solana open interest

Open interest measures the total number of outstanding futures and options contracts, so it means that traders have been closing their positions during this time.

SOL Network Ready To Bounce Back?

Developers are still working on getting the Solana network back on track but it has not been an easy road. Even now, the network continues to battle the blackout, with developers giving a week as an estimated delivery time for the network to be back on track.

CEO of Helius Labs, Bert Mumtaz, revealed in an X (formerly Twitter) post that the current issues were being caused by an implementation bug. This bug has been the reason there have been more failed transactions on the network. Mumtaz also clarified that this bug does not equal a design flaw in the fact that it is relatively easier to fix.

The CEO explained that a patch for this implementation bug would still take a while and that developers are shooting for a fix by April 15, which was a week from the post. However, he added that this date was subject to change in the case where other bugs are discovered in testing.

Following Mumtaz’s post, the Solana community is waiting with bated breaths for the network to return to fill operation. In the meantime, the price of Solana and other coins in the ecosystem has taken a hit. Bears have pushed down the SOL price as low as $175. However, the expectation is that SOL will come back with a vengeance once the network is operational again.

Crypto analyst Ash Crypto has said that they expect that the price of SOL will eventually rise above $400. If this is correct, then the present predicament will be a short-lived roadblock in Solana’s rise.

Solana price chart from Tradingview.com (Open interest)

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Solana Whales Are Making Moves – Here’s The Direction They’re Headed In

The price of Solana had briefly crossed $200 before tumbling back down in the last week. This move has triggered a wave of movement across the market, and whales are now showing their hands. Over the last day, there have been a number of notable whale transactions and their destinations could give an inkling as to how these large crypto investors are looking at the market right now.

Solana Whales Move Hundreds Of Millions Worth Of SOL

The whale movements began on Monday when the market had first begun to slow down, with the Solana price falling below $190. The on-chain data tracking platform Whale Alert, reported these transactions, a number of which seemed to happened right next to one another.

The first transaction was one carrying 993,453 SOL which was worth $189.55 million at the time. Then minutes later, the tracker reported the movement of another 1,895,729 SOL worth $361.7 million. Not too long after, it reported a third transaction carrying 1,096,940 SOL worth $209.29 million. Then, the last transaction in this row of transactions was 1 million SOL, valued at $190 million at the time of the transaction.

Now, all of these Solana transactions had originated from unknown wallets and their destination were also unknown wallets. This means that the owners of these wallets are not publicly known and their addressed have not been tagged. In such cases, it could suggest that these whales are selling their tokens over the counter in order to minimize the impact of their selling on the market market. However, it could also be that these whales are just redistributing their coins.

Nevertheless, the whale movements didn’t end here as a couple of hours later, the on-chain tracker would report the movement of massive amounts of SOL once more. This time around, a whale moved 149,999 SOL worth a little over $27.79 million from an unknown wallet to the Binance exchange.

This transaction deviates from the previous four transactions in the fact that its destination is a crypto exchange. Usually, when investors move their coins to exchanges such as Binance, it is to sell their tokens and a $27.79 million sale could put a lot of pressure on the SOL price.

The next whale transaction reported after this was an amore positive one though which involved the movement of 146,121 SOL worth $26.83 million from the Kraken exchange to an unknown wallet. In this case, it is likely that the whale is withdrawing their coins for safekeeping as they wait for better prices. This reduces the selling pressure on the asset.

Even with these whale movements, the SOL price continues to hold up quite nicely. If the selling pressure continues to fall and the pressure from Bitcoin’s price decline is finally lifted, then SOL price could quickly rally above $200 once again.

Solana price chart from Tradingview.com

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Ethereum And Altcoins Crash: Why Is This Analyst Super Bullish?

Altcoins like Ethereum, Cardano, Solana, and the rest might be lower at spot rates. However, according to one analyst who sees a parallel in the current formation to the 2020 market cycle, they are gearing up for a potential surge. 

In a post on X, the analyst says that often, after a period of accumulation and a retest of previous highs, altcoins tend to be volatile. The crypto analyst also notes that Bitcoin has pulled back from its all-time highs and is preparing for a possible retest of this level registered in March. 

Bitcoin accumulating | Source: Analyst on X

Though altcoins have been decimated, looking at price action in the past 24 hours, altcoins are on a bullish path, similar to the last cycle registered in 2020. The analyst says Bitcoin will catalyze the altcoin swing to fresh levels and valuations.

Will Altcoins Repeat The 2020 Cycle?

For now, it is hard to predict the exact valuation of top altcoins. However, the analyst notes a similar formation in the current price action. 

When altcoins consolidated after surging, prices tended to recover strongly. This spike was evident, especially once Bitcoin broke through critical liquidation levels and entered “price discovery” or fresh all-time highs. 

Bitcoin price trending upward on the daily chart | Source: BTCUSDT on Binance, TradingView

Currently, Bitcoin is in this position. The coin is trading lower and cooling off from all-time highs. Even after higher highs last week, bulls didn’t break the $71,700 level in the daily chart. With BTC collapsing, altcoins also fell, with Ethereum, Solana, and top coins slipping below support levels. 

Will Ethereum And Other Altcoins Bounce Back Strongly?

The altcoin season might come earlier this time, especially once Bitcoin recovers. Possible triggers include the upcoming Bitcoin halving event. Analysts claim that halving will likely create a supply crisis, causing scarcity. If institutions funnel the same demand level, BTC will likely rip higher, breaking $71,700 and even $73,800 all-time highs.

Beyond this, upcoming network upgrades in Ethereum, like the recently mentioned “Purge” and Firedancer integration in Solana, might trigger demand. Developers are working towards Voltaire in Cardano. All these changes plan to make the top smart contracts platform more reliable and enhance performance. 

Besides network upgrades, analysts are considering the possible approval of spot Ethereum exchange-traded funds (ETFs). If the United States Securities and Exchange Commission (SEC) approves this product, ETH might benefit by lifting others. It might also accelerate the drafting of fitting laws, especially now that BlackRock thinks tokenization and real-world assets (RWAs) are the future of finance. 

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Solana Price Could Explode By 80% If This Happens: Crypto Analyst

In line with the broader trend in the overall crypto market, the Solana (SOL) price has fallen by 7.5% in the last 24 hours. However, according to renowned analyst Rekt Capital, there is no reason to switch to the bearish side.

In a recent technical analysis, the crypto analyst highlighted that Solana is currently showing potential for an 80% price rally based on its present consolidation pattern. According to Rekt Capital, Solana is trading within what appears to be a bull flag formation, as depicted on the weekly SOL/USD chart from Binance.

A Bull Flag pattern occurs after a strong, almost vertical price rise and is characterized by a downward-sloping consolidation that resembles a flag on a pole. The “pole” is formed by the initial price surge, while the “flag” represents a period of consolidation with converging trendlines.

Solana price analysis

Traders often watch for a decisive breakout above the flag, which can signal the continuation of the prior uptrend. In Solana’s case, the analyst points out that Solana recently faced a rejection at the top of the bull flag pattern at $208, indicating a short-term setback in its upward trajectory.

“And if Solana keeps this up, it may form a Bull Flag here before breaking out to challenge that Range High $208 resistance again,” Rekt Capital noted.

However, the bottom of this bull flag, which stands at approximately $184, is identified as a critical support level that needs to be maintained to keep the bullish momentum alive. Should Solana manage to hold above this level, the setup may favor the continuation of the uptrend.

Notably, Rekt Capital adds that while occasional dips or “wicks” into the $173 range are acceptable, the price must generally remain above the $184 support on the weekly time frame to validate the bullish outlook. The $173 price level is marked by a blue horizontal line on the chart, serving as an additional support zone.

In terms of price targets, the chart reveals an 80.57% potential rally from the bottom of the bull flag (“pole flag”), which could translate into a target price of approximately $330 if the bull flag pattern is confirmed in the coming days or weeks.

Solana Bears Gain The Upper Hand On The Lower Time Frames

On the lower time frames, like the 2-hour chart, the Solana price lost some momentum, indicating potential short-term consolidation or downward movement. SOL experienced a sharp -13% decline, breaking through a significant upward trendline (black) that had previously provided support throughout an ascending trajectory.

Solana price

The price has sliced through the Fibonacci retracement levels plotted from the swing low at $162.68 to the swing high at $204.19, currently hovering around the 0.618 Fib level at $178.54. Typically, this level serves as a strong support zone, but a sustained break below could accelerate losses toward the next levels at 0.786 ($171.56) and potentially the full retracement at $162.68.

Volume indicators show a marked increase in selling pressure during the price dip, which substantiates the current bearish momentum. Furthermore, the Relative Strength Index (RSI) has plummeted to 29, teetering on the edge of the oversold territory. This suggests that sellers are in control, but also raises the possibility of a relief bounce if the RSI dips further into oversold conditions and triggers a reactive buying response.

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Solana (SOL) Breaks Through Key Resistance, Analyst Forecasts $250 Price Target

Solana (SOL) has experienced a notable resurgence in its bullish momentum, with a rebound of over 9% in the past 24 hours. This notable performance has outpaced the top 10 largest cryptocurrencies in terms of market capitalization.

The latest surge in SOL’s price has allowed it to surpass its resistance level on the daily chart at $184. The remaining hurdle of $201 now stands as the final barrier to prevent further gains for the cryptocurrency. 

However, industry experts and crypto analysts suggest that SOL’s price action indicates a potential continuation towards its previous all-time high of $259, achieved during the market’s bullish run in November 2021.

SOL  Price Expected To Breakout And Target All-Time Highs

One analyst, “Jelle,” highlights SOL’s successful transformation of the last significant resistance level into support, suggesting a positive outlook for the token’s future. The analyst predicts that the SOL price will continue to rise and potentially exceed $250 by the summer.

Similarly, another analyst using the pseudonym Mikybull points out that SOL is currently consolidating within a symmetrical triangle pattern on a daily timeframe. 

Solana

According to the analyst, a breakout from this pattern is expected to trigger an “explosive” price movement, aiming to reach its previous all-time high levels at around $255.

Supporting SOL’s renewed bullish momentum, CoinGecko data reveals a significant increase in trading volume, with $4,514,426,127 traded in the last 24 hours. This represents a 74.20% surge compared to the previous day, indicating a notable surge in market activity. 

Solana Metrics Demonstrate Growing Investor Interest 

According to data from Token Terminal, Solana’s key metrics further highlight the use and adoption of its blockchain among investors. Starting with market capitalization, the fully diluted market capitalization is $99.32 billion. This figure represents the total market value if all tokens were in circulation. The fully diluted market capitalization over the past 30 days has increased by 70.0%. 

On the other hand, the circulating market cap, which only considers the tokens currently in circulation, is valued at $77.05 billion. It has witnessed a 30-day growth of 71.3%.

Solana

Examining fees generated through transactions on the Solana network, the 30-day fees amount to $51.46 million. This represents a notable surge of 220.7% within 30 days, highlighting increased network usage and demand. When annualized, the fees reach $626.15 million.

In terms of revenue, Solana has seen positive growth. The 30-day revenue is $25.73 million, reflecting a significant increase of 220.7% over the past month. When annualized, the revenue amounts to $313.08 million, showing the sustainable income generation within the Solana network.

Solana

It remains to be seen if these metrics and bullish momentum will sustain SOL’s path to its current all-time highs.

Featured image from Shutterstock, chart from TradingView.com

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Solana Surpasses Ethereum In Major Metric Amid Surge Above $200

Solana has recently become one of the trendiest cryptocurrencies in the space, capturing the interest of both crypto investors and enthusiasts in the space. The popular cryptocurrency has witnessed a significant surge in network activity, surpassing even that of Ethereum, the world’s second-largest cryptocurrency. 

Solana Outpaces Ethereum Network Activity

On March 16, Solana experienced a major increase in its overall network activity, pushing its capacity to its limits amidst the growing demands. The network had surged past Ethereum’s total trading volume and exceeded its daily trading volume by more than $1.1 billion, according to data by DefilLama.   

Specifically, Solana’s 24-hour trading volume had recorded almost $3 billion, surging past Ethereum’s daily volume of $2.04 billion. During the surge, the network witnessed an unprecedented amount of trading activities, which resulted in failed transactions and a surge in ping times. 

As highlighted by Solana Validator, the cryptocurrency network’s ping time on March 18, had jumped to a staggering 46 seconds, causing about a 30% to 40% failed transactions. The validator’s report also revealed a steady and rapid increase in Solanan’s transaction count, recording over 276 million transactions at the time of writing, with about 2,107 transactions per second. 

This rise in Solana’s network activity has been attributed to the surge in interest in Solana-based meme coins. On Thursday, March 14, degens eagerly sought after a new meme coin called Book of Meme (BOME), which had experienced an unprecedented bullish spike that triggered its market capitalization to rise from almost zero to a staggering $1.45 billion. 

During these periods, the price of Solana also rallied alongside, witnessing an unexpected price surge that propelled it by more than 30% in the past week. The cryptocurrency has been on a steady momentum since the beginning of the year, displaying slight price corrections before continuing on its upward trajectory. 

SOL Price Rides The Bullish Wave

Amidst Solana’s burgeoning popularity and rising transaction volumes, the cryptocurrency saw a price increase to more than $200, reflecting a daily surge of approximately 8.9%, at the time of writing. The cryptocurrency’s market capitalization is also up by 11.10%, recording over $89 billion and steadily closing towards the $100 billion mark. 

Due to its overwhelming network activities and growing popularity, Solana has successfully gained the position of the 4th largest cryptocurrency by market capitalization, overtaking BNB Chain (BNB) by more than four billion, according to CoinMarketCap. 

Moreover, the cryptocurrency has reached peak levels globally in terms of Google search interest,  hitting a new all-time high. This surge has been attributed to the increasing interest and demand for the popular digital asset. 

Solana price chart from Tradingview.com (Ethereum)

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Solana Market Cap Set To Skyrocket 1,000%, Says Crypto Fund CEO

Joe McCann, the CEO and CIO of the crypto hedge fund Asymmetric, recently made a bold statement on X (formerly Twitter), forecasting a $1 trillion market cap for Solana. McCann’s argument hinges on several key points that detail why he believes Solana has achieved product-market fit (PMF) as “The Chain for Retail,” juxtaposing it against Ethereum’s challenges and perceived shortcomings for retail users.

Solana Beats Ethereum

McCann critiques Ethereum for not being designed with retail in mind, pointing out its slow and expensive Layer 1 (L1) transactions, alongside the user experience (UX) nightmare posed by its numerous Layer 2 (L2) solutions. He states, “Ethereum is not a chain designed for retail – the L1 is too slow and expensive and the L2s are (currently) a UX nightmare.”

The friction for new users, fragmented liquidity across over “40 L2s”, and the complications with bridging are highlighted as significant barriers to Ethereum’s adoption by a broader retail audience.

Turning his attention to corporate-backed open-source projects like Coinbase’s L2 solution, Base, McCann acknowledges their potential to solve some UX issues. However, he also notes the inherent priority of such projects to serve corporate interests, often at the expense of broader community needs.

Despite his critique, he admits, “Most corporate open source ultimately ends up serving corporate priorities…and it should!” This acknowledgment underscores the complexity of balancing corporate involvement in blockchain development with the ecosystem’s decentralized ethos.

McCann attributes Solana’s rise to its ability to serve the retail segment effectively, particularly through its association with memecoins and speculative trading. Describing Solana as originally being “Blockchain at Nasdaq speed” for its high throughput and low latency, he notes a pivotal shift in its narrative towards retail.

He observes, “Not once has the concept of being The Chain for Retail™ ever surfaced. Until now.” This shift is largely credited to Solana’s embrace by the memecoin community and the speculative trading that follows, marking a clear PMF with retail users.

Highlighting the explosion of memecoin speculation on Solana, especially post-NFL season, McCann points out, “Since the NFL season ended, speculation on memecoins has exploded…BONK and WIF are on Solana. […] Thousands of them are being created everyday and trading volumes are exploding.”

Meme coins go parabolic

The extensive creation and trading volumes of these coins on Solana are seen as a testament to its appeal and utility for retail speculators. Notably, the majority of memecoins is on Solana, not Ethereum.

”Trading Bots aka the ‘Robinhood-ification of crypto’ has been driving the majority of the trading due to its…great UX. […] And the majority of those bots are trading memecoins on Solana. Solana is now consistently flipping Ethereum in DEX volumes yet for some reason, SOL is still 1/4th the value of Ethereum, it was 1/8th just a few days ago,” McCann noted.

Trading bots

He contrasts Solana’s market cap with Ethereum’s, using their relative valuations to argue for Solana’s growth potential. With Ethereum valued at just under $500 billion and Solana at about $115 billion, he suggests that Solana’s path to a $1 trillion market cap represents a nearly 10x growth opportunity, far outpacing the potential for Ethereum.

“ETH to $1T is a double. SOL to $1T is nearly a 10x. Which horse are you gonna bet on? The fastest one, obviously,” McCann concludes, encapsulating his bullish outlook for Solana based on its retail-friendly ecosystem and the vibrant activity around memecoins.

At press time, Solana traded at $201.27.

Solana price

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Altcoins Fall: Will Ethereum And Solana Bulls Surpass Expectations?

After a six-week run, altcoins are cooling off, leading some to fear the worst. However, in a post on X, one crypto analyst urges calm, saying the dip is a normal part of any bull market and may even present opportunities for discerning traders and investors.

Altcoins bullish wave | Source: Analyst via X

Altcoins Drop, Follow Bitcoin

After posting solid gains and rallying to as high as $73,800 on March 13, Bitcoin edged lower on March 14 and continues under pressure when writing. Considering the positive correlation between Bitcoin and altcoins, leading altcoins like Ethereum, XRP, Cardano, and Solana retraced slightly. 

Related Reading: Bitcoin Crash Triggered By Failed $1 Billion Hedge Fund Spread Trade: Expert

When writing, Ethereum is far from the $4,090 recorded last week. At the same time, the Solana uptrend has slowed, with $200 proving elusive for optimistic traders. Meanwhile, XRP, despite the high optimism when prices roared higher on March 11, is struggling for momentum and is currently trending lower.

While the altcoin has been drawn down, the total crypto market cap drop and fear creep in have caused the analyst to remain bullish. Despite the correction, the altcoin uptrend remains, and most coins, including Ethereum, Solana, and Cardano, could post more gains. 

Ethereum, Solana, and BNB Fundamentals Are Solid

To illustrate, the crypto community remains upbeat because of Dencun and its potential to enhance Ethereum and the broader layer-2 ecosystem. Ethereum rollup platforms, including Base and Optimism, that have activated Dencun features have seen decentralized applications (dapps) launching on their platforms benefit. 

Uniswap Labs, the team behind Uniswap, a leading decentralized exchange, reported that transaction fees on users trading on Optimism have fallen even further after activating Dencun. This reduction in fees may be a catalyst to drive more activity on-chain, propping up prices.

On the other hand, Solana bulls are upbeat. Since September 2023, SOL has been on a sharp uptrend. At spot rates, the coin roared to register fresh 2024 highs. 

Solana price trending upward on the daily chart | Source: SOLUSDT on Binance, TradingView

With this performance, Solana outperforms Bitcoin and other altcoins, including ETH. CoinMarketCap data shows that SOL has risen by 15% in the past week, closely trailing BNB, the native currency of the BNB Chain ecosystem.

Analysts are looking at the upcoming Firedancer upgrade to fortify Solana’s infrastructure further and increase reliability. Meanwhile, regulatory developments in the United States are evolving positively, propping up altcoins, mainly BNB. 

Overall, the crypto uptrend remains even with prices cooling off. More importantly, even with falling prices, sentiment remains bullish. In the past week, CoinMarketCap data shows that the Crypto Fear and Greed Index is at “extreme greed” territory.

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Solana Chasing BNB Chain, Race To 5% Market Dominance Heats Up

The dominance war is on. CoinMarketCap data shows that Solana and BNB Chain, two popular smart contracts platforms after Ethereum, are emerging as strong contenders.

In a post on X, one crypto analyst notes that SOL and BNB, the native currencies of Solana and BNB Chain, respectively, have been growing, subsequently expanding the market caps of their respective platforms. However, even with this price uptick, it has yet to attain the 5% level, a target for proponents of the two platforms. 

Solana versus BNB Chain dominance | Source: Analyst on X

Will Solana Flip BNB To Fourth?

When the analyst shared the screenshot on March 14, BNB Chain, powered by Binance Coin (BNB), held a slight lead with a 3.34% dominance, while Solana trailed behind at 2.72%. 

However, Solana has been on a tear. Not only is the coin outperforming Bitcoin and Ethereum, but it has been expanding rapidly, faster than BNB in the past few trading weeks. When writing, CoinMarketCap data shows that SOL is trading above $170, a multi-month high.

Moreover, it is up 11% on the last trading day and 20% in the previous trading week. At this valuation, SOL’s market cap is up 12% to over $75 billion, cementing its position at fifth, trailing BNB.

Solana price trending upward versus BNB | Source: SOLBNB on Binance via TradingView

On the other hand, BNB remains at fourth, behind USDT–the most liquid stablecoin whose market cap stands at over $103 billion. BNB is up 2% the previous day but double digits in the past week of trading. Overall, the lack of inactivity, especially on the last trading day, means its total market cap, at over $90 billion, is stable, only adding 2% on the last day.

When comparing the performances of Solana and BNB, the former has the upper hand. For example, from September 2023, SOL gained over 200% versus BNB. BNB pared losses from January, but the revival in Solana, considering the success of meme coins, means SOL might extend gains in the future. 

Solana Rally On FTX’s Bankruptcy Case Proceedings, BNB Shakes Off Regulatory Woes

As the competition intensifies, the future remains uncertain. It’s unclear whether SOL will overtake BNB to claim the second most dominant smart contract spot after Ethereum.

However, at the time of writing, what’s certain is that the spike in on-chain activity on Solana and the unfolding events around the FTX bankruptcy case could bolster SOL prices. Therefore, it’s highly probable that Solana’s dominance might catch up with BNB as the race to the 5% level intensifies. 

In November 2023, Binance settled with United States regulators, including the Securities and Exchange Commission (SEC), agreeing to pay a $4.3 billion fine. As part of the deal, their co-founder, Changpeng Zhao, also had to resign as CEO. While BNB prices initially plunged, the token recovered steadily from the $300 level. 

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Solana (SOL) Price Primed For 50% Leap: Experts Turn Bullish

Crypto analysts are turning increasingly bullish on Solana (SOL), with forecasts suggesting a potential 50% surge in the near future. Following SOL’s 11% surge in the past 24 hours, several renowned analysts came forward to express their bullish stance.

Solana Price Poised For Rally Towards $250

On X, crypto trader Bob Loukas (@BobLoukas) has provided an optimistic outlook, stating, “SOL now based and fuel up for leg to $250.” This statement is based on a thorough analysis of the weekly SOL/USD chart.

The chart exposes that SOL has transformed its March 2022 resistance level of around $140 into a robust support zone. Previously, this level served as a strong resistance from mid-December last year until the beginning of March.

By converting this resistance into support, SOL is now poised for a rally towards $250. This price target is just $10 shy of Solana’s all-time high at around $260 from late October 2021.

SOL/USD weekly chart analysis

Adding to the bullish sentiment, crypto analyst Byzantine General (@ByzGeneral) remarked, “SOL looks pretty good to me. Leverage in the system has actually gone down while price is up and at the same time Coinbase has been buying a lot of spot.”

Solana analysis

Notably, not only the SOL/USD charts look ultra strong, but also the chart of SOL against its most fierce competitor in the fight for the superior layer-1 network, Ethereum. According to several analysts, SOL/ETH is primed for a major breakout.

Christopher Inks, the founder of TexasWest Capital, shared his analysis, noting, “SOL/ETH on the weekly looks amazing. It doesn’t get much better than this with the wedge breakout while Stoch RSI is crossing bullishly in oversold and threatening to break out and RSI has bounced at neutral and is nearing a bullish cross. Breaking out above 0.04597 adds confidence to the rally toward a minimum expected target of 0.07231.”

This technical breakdown suggests a very optimistic future for SOL in comparison to ETH. If this technical setup plays out, SOL could outperform ETH by more than 70%.

Macro expert Raoul Pal has also chimed in, stating, “SOL/ETH is looking like a breakout after a perfect consolidation… SOL is likely to take the lead again soon.” Pal’s analysis is based on a falling wedge correction pattern, a bullish signal, which SOL/ETH has already broken out from.

SOL/ETH

However, it is important to note that this breakout needs to be confirmed to avoid being considered a fakeout, indicating a potential major breakout against ETH. Renowned trader Peter Brandt, commenting on Pal’s analysis, identified the pattern as a “Classic Schabacker falling wedge correction,” a bullish signal typically indicating a potential reversal or continuation of the trend.

The Falling Wedge pattern, characterized by converging trend lines, decreasing volume, and a breakout with increased volume, suggests that SOL’s current pattern positions it for significant upward movement.

At press time, SOL traded at $168.59, surpassing the 0.618 Fibonacci retracement level in the weekly chart.

Solana price

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Solana Demand Soars As Institutions Buy Up SOL At A Massive 870% Premium

Solana (SOL) looks to be attracting the attention of institutional investors, with this Solana fund trading as high as an 870% premium following SOL’s bullish momentum. These investors’ interest in the SOL token isn’t surprising as on-chain metrics suggest it is still undervalued, and a parabolic rise might be on the horizon. 

Grayscale Solana Trust Trades At A Premium 

Per data from Grayscale’s website, the Grayscale Solana Trust (GSOL) is currently trading at $317 per share, representing a significant premium from SOL’s current price. The premium had risen to 870% on March 8 when GSOL was trading at $540. Shares in the fund are designed to track the value of SOL’s price, allowing institutional investors to have exposure to the token without holding it. 

The disparity between the share price of GSOL and SOL’s price might be because institutional investors are limited in the means to gain exposure to SOL. As such, a fund like GSOL could see its price increase exponentially (just like now) when there is increased institutional demand for the SOL token.

Institutional interest in SOL is also evident from NewsBTC’s recent report that crypto-focused asset manager Pantera Capital is raising funds to buy $250 worth of SOL. Investors are likely to jump on this opportunity, considering that these SOL tokens will reportedly be sold at a fixed price of $59.95, meaning there is an opportunity to make significant gains from the deal. 

SOL Still Greatly Undervalued

Crypto analyst Hansolar suggested that SOL was still undervalued when he mentioned that the crypto token might not take off until BTC and ETH hit new all-time highs (ATH). He also predicted that SOL could rise to as high as $600 in this bull cycle. Meanwhile, the argument about SOL being undervalued is backed by the fact that it is still far off from its ATH of $260. 

Crypto tokens are known to set a new ATH in every bull run, and there is every likelihood that it won’t be different for SOL this time around. Moreover, SOL and the Solana network are gaining much traction heading into this cycle, which should contribute to more price surges for the SOL token. 

Solana recently registered an ATH in the number of daily new addresses, with many users onboarded into the ecosystem. This increased interest in the network has been partly due to its DeFi landscape, which is going head-to-head with Ethereum’s, and the current meme coin frenzy on Solana, which has attracted investors. 

At the time of writing, SOL is trading at $152, up over 2% in the last 24 hours, according to data from CoinMarketCap. 

Solana price chart from Tradingview.com

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Pantera Capital Plans $250M Solana (SOL) Buy, Analyst Predicts Record Rally Toward $1000

Pantera Capital, a prominent crypto-focused asset manager with assets totaling $5.2 billion, has launched a fundraising campaign to purchase discounted Solana (SOL) tokens from the bankrupt estate of crypto exchange FTX. 

According to Bloomberg, the initiative, known as the Pantera Solana Fund, offers investors the opportunity to purchase up to $250 million worth of SOL tokens at a significant discount to the FTX estate.

Solana Token Acquisition Plan

Pantera Capital’s marketing materials, shared with prospective investors in February and reviewed by Bloomberg, outline the opportunity to purchase SOL tokens at a price 39% below the 30-day average or at a fixed price of $59.95. 

However, Bloomberg notes that investors participating in this opportunity must agree to a vesting period of up to four years. This approach reportedly allows FTX liquidators, led by John J. Ray III, to offload SOL tokens gradually, freeing up funds for creditors without exerting immediate downward pressure on the token’s price.

According to Pantera’s pitch document, the FTX estate currently holds approximately 41.1 million SOL tokens, valued at $5.4 billion as of the close of Wednesday’s trading session. This constitutes roughly 10% of the total supply of SOL tokens. 

According to its investor pitch, Pantera aimed to close the fund by the end of February. Although the amount raised by the deadline remains undisclosed, sources familiar with the matter confirmed to Bloomberg that Pantera has secured some funds.

Investors interested in participating in the Pantera Solana Fund must commit a minimum of $25 million. Pantera Capital plans to charge a management fee of 0.75% and a performance cut of 10%.

Apart from its substantial SOL token holdings, FTX and its sister firm, Alameda Research, have invested significantly in startups within Solana’s broader ecosystem. 

According to Bloomberg, FTX’s venture arm, Solana Ventures, and Lightspeed Venture Partners jointly announced a $100 million blockchain gaming fund in November 2021.

Ultimately, the estate’s intention to sell these tokens presents an opportunity to raise funds to repay creditors, considering the notable surge of SOL’s price in the past year. SOL has experienced a staggering 650% increase, trading nearly four times its price when FTX faced its crisis in November 2022.

Crypto Analyst Forecasts SOL To Shatter Previous ATH

SOL, the fifth-largest cryptocurrency by market capitalization, has continued its remarkable upward trajectory and is currently trading at $147.

The token’s price has increased significantly by 14% in the past 24 hours alone, and over the course of 30 days, it has soared by an impressive 56%. 

Despite this uptrend, SOL remains 43% below its previous all-time high (ATH) of $259, achieved in November 2021. However, crypto analyst Altcoin Sherpa believes that SOL will break its previous ATH during this market cycle, with the only uncertainty being the size of the break.

Altcoin Sherpa suggests that reaching $500 is highly probable, and an even more astonishing milestone like $1000 is not entirely out of the question. The analyst further emphasizes its confidence in SOL’s potential, stating that it remains one of their more substantial investments. Altcoin Sherpa also highlights the next significant level to watch for SOL, which is $170.

Solana

Featured image from Shutterstock, chart from TradingView.com 

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Solana Open Interest Plunges 20%: What It Means For Price

Data shows the Solana (SOL) Open Interest has seen a 20% plunge in the past day. Here’s what this could mean for the cryptocurrency’s price.

Solana Open Interest Has Plunged After Market Volatility

According to data from the analytics firm Santiment, the Open Interest of Solana and other cryptocurrencies has seen a steep decline since Bitcoin has set its new all-time high.

The “Open Interest” here refers to the total amount of derivative contracts (like futures and options) of a given cryptocurrency that are currently open on all exchanges. The metric makes this measurement in terms of the US Dollar (USD).

When the value of this metric goes up, it means that traders are opening up fresh derivative positions right now. Since such a trend usually results in the total leverage in the market rising, the asset may be more likely to witness volatility following it.

On the other hand, a decrease in the indicator implies either the holders are closing up their positions of their own volition or are getting liquidated by their platform. This kind of trend may lead towards more stable price action for the coin, assuming that leverage goes down alongside this decrease.

Now, here is a chart that shows the trend in the Open Interest for Solana, as well as for Bitcoin and Ethereum, over the past month:

Solana Open Interest

As displayed in the above graph, all three of these cryptocurrencies have registered a notable drop in the metric as a consequence of the sharp price action the market has witnessed in the past day.

To be more particular, Bitcoin has seen its Open Interest drop by around $1.42 billion (corresponding to a change of -12%), Ethereum $967 million (-15%), and Solana $424 million (-20%).

Thus, it would appear that SOL saw the sharpest drawdown in the indicator as compared to the top two coins in the sector. In this Open Interest flush, investors of a variety would have been liquidated, like those who would have longed as SOL pushed up or those who opened shorts after its price crashed.

“In a way, we can view this open interest plummet as a sign that ‘speculative excess’ has been temporarily removed from the markets,” explains the analytics firm.

“Assuming funding rates can even out, prices can theoretically fluctuate under less influence of futures and options positions, and more on a true supply and demand market valuation from traders, investors, and hodlers,” notes Santiment.

SOL Price

After strong volatility in both directions during the past day, Solana has ended up arriving at the $130 mark. It’s unclear if the coin would become more stable now or if volatile price action would continue, but if the Open Interest is to go by, some stability could appear.

Solana Price Chart

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Analyst: OP Is Undervalued But Will Skyrocket Because Of Coinbase And Base

Adam Cochran, a partner and professor, is bullish about OP, the native token of Optimism, the layer-2 scaling solution for Ethereum. 

Taking to X, Cochran is convinced OP is undervalued, pointing to the significance of Coinbase and the brand it has created over the years as a crypto exchange and investor in multiple products. In 2023, Coinbase backed the development of Base, a layer-2 scaling solution for Ethereum that uses Optimism infrastructure for its optimistic roll-up. 

OP Will Rocket Because Of CoinBase And Base

In coming up with this assessment, the investor highlights Coinbase’s vast user base and ability to drive retail adoption towards Base potentially. And, as aforementioned, since Base uses Optimism, the expected adoption spike will significantly boost OP from current spot levels. 

Cochran argues that the “power of discoverability” associated with Coinbase, a brand that facilitates billions of dollars in daily trading, will be crucial to Optimism’s success. This is particularly relevant when looking at OP prices when writing.

OP price trending upward on the daily chart | Source: OPUSDT on Binance, TradingView

When writing, OP is stable but up 220% from October lows. The token has been trending higher, benefiting from the broader crypto rally. Even so, though in an uptrend, OP has not reclaimed 2023 highs of around $4.2.

To drive the point home, Cochran compares how the BNB Chain blew up in the number of active users. In the last bull run, the chain had an active decentralized finance (DeFi) and non-fungible token (NFT) ecosystem. The BNB Chain’s popularity and soft landing is because the smart contracts platform is associated with Binance, the world’s largest cryptocurrency exchange. 

Further to the point, the success of Solana, the partner argues, lends its success to the now-defunct FTX. At its peak, FTX injected billions to fund the development of Solana. It was also actively involved in financing some of Solana’s active protocols. 

The Great Convergence Of Supportive Events

Presently, Coinbase is streamlining its operations, recently stopping support for Bitcoin, Litecoin, and other UTXO tokens via Coinbase Commerce. Their focus is on Ethereum-compatible tokens, which could provide hints that Coinbase Commerce might soon be integrated into Base.

From the protocol level, Ethereum plans to implement upgrades to make transacting on layer-2 platforms even cheaper. The Dencun Upgrade is scheduled for March and will see Ethereum enhance as part of its long-term scaling roadmap.

Optimism TVL | Source: L2Beat

L2Beat data on March 1 shows that Optimism has a total value locked (TVL) of $7.8 billion, roughly half that of Arbitrum. Meanwhile, Base has been rising up the rankings, commanding a TVL of approximately $1 billion.

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Solana On A Roll: Crypto Analyst Predicts Push To $600

Like almost every other crypto token in the market, Solana (SOL) is enjoying a rally of its own, rising to nearly $125 in the last 24 hours. Interestingly, this looks like only the beginning of good things to come for the crypto token, as crypto analyst Hansolar predicts that it could run massively in this bull cycle. 

SOL To Rise To $600

Hansolar mentioned in an X (formerly Twitter) post that SOL will rise to $600. This “fun” target was laid on the premise that SOL could be the new ETH this cycle. Assuming this is the case, the analyst expects SOL to take off later than BTC and ETH. This is because ETH took off when BTC broke into all-time highs (ATHs) during the last bull run. 

Therefore, SOL, following a similar trajectory to ETH in the last cycle, might not take off until BTC and ETH break into ATHs. Hansolar suggested that SOL’s takeoff will be sparked by retail, stating that there will be a time when these investors buy into the crypto token “as the high beta catch-up play.”

Hansolar also offered more evidence to suggest that SOL is likely to replicate ETH’s run in the last bull cycle. He stated that the crypto token was currently at around 50% from its ATH, similar to how ETH was around the 50% mark as BTC was nearing its ATH in the last cycle. Meanwhile, Hansolar offered “fun” targets for Bitcoin and Ethereum, stating they will hit $150,000 and $10,000 in this bull cycle. 

Interestingly, Hansolar’s $600 price prediction for Solana looks very conservative compared to Crypto YouTuber Jake Gagain’s prediction that SOL will hit $750. The analyst stated that the crypto token will hit this price level by next year. 

Between Solana And Ethereum

Crypto analyst Santiago Santos once echoed similar sentiments to Hansolar when he drew a comparison between Solana and Ethereum, noting that the former is going through what the latter did during the ICO boom. He, however, suggested that Solana would perform way better than Ethereum, as it is seeing “meaningful usage and growth,” unlike Ethereum then. 

Santos further asserted that Solana would “converge on Ethereum faster than most believe.” Solana, commonly referred to as the “Ethereum Killer,” has indeed been on the heels of Ethereum as of late. Solana even once surpassed Ethereum in 7-day DEX (decentralized exchange) volume. 

The tremendous rise in Solana’s network activity is believed to be one of the factors driving SOL’s price and what could push it to hit the $600 mark and possibly $750, like Gagain predicted.

At the time of writing, SOL is trading at around $124, up over 13% in the last 24 hours, according to data from CoinMarketCap. 

Solana price chart from Tradingview.com

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Solana Drops Below 100-Day MA On 4-Hour Chart, SOL Price In Danger?

Having failed to break its previous high for the year, the price of Solana has continued to move downward. From the height of $118.88, the coin, which is currently ranked 5th in the crypto space with a total supply of 440,961,455 SOL and a market capitalization of $58.2 million,  has made a drop of over 25% and is not showing any signs of stopping.

As of the time of writing, the price of SOL was up by 2.76% and trading around $102.63, below the 100-day moving average in the last 24 hours. Meanwhile, in the daily timeframe, the price has dropped a bearish candlestick, indicating that the price is still bearish.

The moving average indicator generally is used to determine the trend of an asset, which could be an uptrend or downtrend. Since the price of Solana is trading below the 100-day moving average, could this mean that the price has changed from an uptrend to a downtrend?

Solana On The 4-Hour Chart

A technical examination of the chart from the 4-hour timeframe and with the help of a trend line we can see that two resistance levels of $118.88 and $114.87 have been created by previous price movement. We can also see that the price has broken the support level of $103.57. Therefore, the price for the next destination might be the $92.84 support level. 

This can be seen in the image below:

Solana

Also, taking a look at the 4-hour timeframe chart with the help of the MACD indicator in the above image, we can see that the MACD histogram is trending below the MACD zero line. Both the MACD line and the signal line have crossed and are trending below the MACD zero line, suggesting that the price of SOL is bearish and could continue to move downward.

A final look at the chart with the help of the Bull Power Vs. Bear Power Histogram indicator, we can see that the histograms are trending below the zero line. This suggests that buyers have completely lost momentum in the market, and sellers have taken over it. Thus, the price will tend to move downward. 

We can see this in the image below:

SOL price

Possible Outcomes If The SOL Price Continues To Drop

If SOL continues to drop, we might see the price moving toward the support level of $92.84. Also, if it manages to break below this level, the price might move further downward toward the $79.32 support level.

Presently, Solana is seeing minor upsides of 1.3% in the last 24 hours, according to data from CoinMarketCap.

Solana price chart from Tradingview.com (SOL price)