SOL Drops 5%: Can It Reach $20 Again?
SOL has experienced a 5% drop in the past 24 hours, with the Solana price falling to $103 amidst a market-wide correction. Although SOL has had a lackluster week, declining by 11% in the last seven days, it has still seen significant gains over the past month and year. In fact, SOL is up by 18% in a month and 300% in the last 12 months, making it one of the best-performing top-50 altcoins. As the market becomes more bullish with the approaching Bitcoin halving, SOL is expected to continue its upward trend.
SOL’s Short-Term Correction
The chart for SOL suggests that the coin may experience a short-term correction before rebounding. Indicators such as the relative strength index (RSI) and the 30-day average show signs of growing selling pressure. Additionally, SOL’s current price is approaching its support level at $100, which is crucial psychological support. If it drops below this level, more holders may sell their coins, leading to further losses for SOL. However, despite this short-term correction, SOL’s long-term outlook remains positive.
Other High-Potential Altcoins
While SOL goes through its correction phase, many traders may shift their focus to alternative tokens, especially newer coins that are set to list on new exchanges and rally. One such token is Smog (SMOG), a Solana- and Ethereum-based meme token that has recently listed on DEX aggregators like Jupiter and Birdeye. Unlike most other Solana-based meme coins, SMOG has been able to consolidate its early price gains due to its bullish airdrop system, which rewards participants based on the number of SMOG tokens they hold and for how long. SMOG has also gained a significant online following through its use of memes and quests for followers to complete.
Hot Take: SOL’s Future Potential
Despite its current correction, SOL’s future prospects remain promising. As a layer-one network for NFTs and meme coins, Solana has been gaining traction and surpassing Ethereum in various aspects such as DEX volumes, NFT volumes, active addresses, transaction count, and stablecoin transfers. Additionally, Solana’s growth as a platform is likely to continue, leading to further price increases. While SOL may not fall all the way down to $20, it could reach $150 by the end of spring.
By
By
By