Solana Faces Price Drop Amid Increasing Competition

While the price of Solana continues to plummet, its popularity seems to wane. Solana reached $202 on March and now it is worth $138.

In spite of a 1% rise in value over the past 24 hours, the digital asset still struggles to remain among the top five Bitcoin competitors.

Solana could reach $100 if certain things happen. Since reaching a high of $260.06 about three years ago, this coin has never exceeded $200 before. Last week, Solana’s price fell by 8.57%; there was also a decline in trading volume by 14%, which indicates that investor confidence is eroding away.

Competition poses significant danger for Solana. Arthur Hayes, former BitMEX CEO suggests that Aptos may soon replace Solana as the leading base-layer decentralized apps provider. Moreover, Ethereum layer-2 solutions are getting some traction as they enable faster and cheaper transactions with high security that can even undermine Solana dominance more.

Market pressures could force down Solana’s prices to around $116 according to analysts’ predictions. However, breaking resistance at $157 level could open doors for bullish action in future.

Bearish technical indicators are showing up in relation to Solana such as RSI (Relative Strength Index) readings at 37.26 signaling overselling; other indicators namely MACD, Stochastic, ROC, CCI and Williamson%R support bearishness too; while moving averages across various intervals suggest further drop with possible declines towards $102 according to previous patterns observed from March through April.-

Author

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.