Solana Snowfall? Price Plunges Amidst Market Correction

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,332,700,132,057	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,332,700,132,057

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-1,235.23	-1.79%	67,867.79	67,866.87	67,867.79

Price Change

Price Change %

Current Price

Bid Price

Offer

-1,235.23

-1.79%

67,867.79

67,866.87

67,867.79

High Price	Low Price	Open Price	Prev. Close	52 Week Range
70,066.95	67,550.00	69,217.46	69,103.02	24,750.00 - 73,835.57

High Price

Low Price

Open Price

Prev. Close

52 Week Range

70,066.95

67,550.00

69,217.46

69,103.02

24,750.00 - 73,835.57

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	17:18:08	0.014315	67,875.13	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

17:18:08

0.014315

67,875.13

USD

Price x Volume	Volume	Base Symbol	Related Pairs
577,802,180.52	8,381.37	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

577,802,180.52

8,381.37

Solana Snowfall? Price Plunges Amidst Market Correction – Will It Get Worse?

12/05/2024 4:00pm

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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