Solana (SOL), one of the popular Proof-of-stake (PoS) blockchain networks, is currently experiencing a notable price decline. The recent downturn has caught the attention of the cryptocurrency community, especially after a major transaction by a whale investor.
The current trade price of Sol, the native token of the Solana network, is $138 & this price is 12.5% down over the last 7 days period.
Despite this bearish signal, some experts and market trends suggest that the current drop could be an ideal time for accumulation, particularly as meme tokens within the Solana ecosystem continue to boom, which is another sign of the utility of the Solana network.
Legendary Trader John Bollinger on Solana
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Legendary trader John Bollinger, the creator of the widely used Bollinger Bands, shared his opinion on the current trade price pattern of the Solana network. He identified a “nice” pattern in Solana’s price charts. Bollinger’s analysis points to a potential reversal or stabilisation in SOL’s price after the recent drop.
His observations are often taken seriously by traders, adding weight to the sentiment that Solana might be nearing a bottom and presenting a buying opportunity.
Whales activity: bearish Signal
On the bearish side, a significant movement of funds has added to the market’s caution. A big Solana whale recently deposited $26 million worth of SOL into Binance, one of the largest cryptocurrency exchanges.
Such large deposits are often seen as a negative thing for any volatile asset because they increase selling pressure, which can further drive down the asset’s price. This movement has led to concerns about continued downward pressure on SOL but for a short term.
Meme Token Boom in the Solana Ecosystem
Contrasting the bearish signals, the Solana ecosystem is witnessing an unexpected surge in meme tokens, with one particular meme coin skyrocketing over 1000% in just a week, despite the overall bearish market conditions. The success of these meme tokens reflects the underlying strength and activity within the Solana network, even as the main asset’s price struggles.
Read also:
Solana Crypto Faces Price Downfall, But Crypto Investors Call It Accumulation Opportunity
https://bitcoinik.com/solana-crypto-faces-price-downfall-but-crypto-investors-call-it-accumulation-opportunity/feed/
https://bitcoinik.com/solana-crypto-faces-price-downfall-but-crypto-investors-call-it-accumulation-opportunity/feed/
