The Bearish Start for Solana (SOL) This Week
Despite a successful previous week, Solana (SOL), the fifth-largest cryptocurrency by market capitalization, has started this week on a bearish note. In just one day, it lost nearly $2 billion in market cap.
Solana Price Analysis
Currently, Solana is trading at $106.33, experiencing a 2.92% loss in the last 24 hours. However, it has seen an overall increase of 8.38% in the past seven days and 15.38% over the past month.
Bears vs. Bulls
On February 6, Solana faced a network outage that resulted in a two-hour halt in activities. While this outage did not impact SOL’s price at the time, the recent weakening could be a delayed effect. However, there are factors that could potentially push its price and market cap back up.
One such factor is the achievement of the recent 100,000 preorder milestone for Solana’s smartphone that combines blockchain with mobile technology. Additionally, there are similarities between Solana and Ethereum’s movements in 2020, suggesting a bullish scenario for SOL.
Conclusion
Solana may currently be facing some challenges, but recovery is possible in this volatile industry. It is important to closely monitor and conduct due diligence before investing in any cryptocurrency.
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