Solana (SOL) Dips as Bitcoin and Other Major Altcoins Plunge

Solana (SOL) Dips as Bitcoin and Other Major Altcoins Plunge

The cryptocurrency market is struggling as Bitcoin and other major altcoins continue to plunge. With a total global output of over $240 billion, the general downfall has been attributed to continued fraud in China’s crypto markets.

The “what are altcoins” is a question that many people have been asking. The “Solana (SOL) Dips as Bitcoin and Other Major Altcoins Plunge.” is the answer to this question.

Solana (SOL) Dips as Bitcoin and Other Major Altcoins Plunge

On Thursday morning, the cryptocurrency market is a sea of red, with major crypto currencies, lead by Bitcoin, losing ground in the previous 48 hours.

Solana (SOL), the fifth-largest company by market capitalization, is one of the worst losers, down 7.89 percent in the previous two days. In the past 24 hours, only Cardano (ADA), Binance Coin (BNB), Ether (ETH), and Polkadot (DOT) have lost more than SOL. SOL’s collapse, according to experts, is only a corrective phase as the token prepares to climb to new highs at the start of the new year.

Here are some recent news on Solana and its price movements:

Where will Solana’s price move in 2022? Solana was one of the top gainers in 2021.

In 2021, Solana’s native asset SOL has carved a strong trajectory, with a year-to-date increase of over 11,000 percent. Along with Terra’s LUNA and Polygon’s MATIC, it’s one of the biggest gainers. It’s worth noting that this comparison only looked at major cryptocurrencies, since certain gaming tokens like GALA and AXS have substantially bigger increases.

By the end of the year, crypto forecasting tool coinpriceforecast.com thinks that SOL will be worth roughly $190. By the conclusion of the first half of the year, this amount will have risen to $282, and by the end of the year, it will have risen to $371.

As a layer-one network, Solana will outperform Ethereum, according to Arcane Research.

The key driver of SOL’s pricing has been Solana’s unique high-performance blockchain. This year, the platform, which uses the proof-of-stake and proof-of-history processes, drew a lot of attention, particularly in the second half.

It has risen to become one of Ethereum’s main competitors because to its lightning-fast transactions and minimal transaction costs. According to a research released in Arcane Research’s Weekly Update on Tuesday, the Solana network surpassed Ethereum and even Avalanche, whose token AVAX has surged in value over the last few months.

Solana (SOL) Dips as Bitcoin and Other Major Altcoins Plunge

In 2021, a comparison of the top layer-one coins’ performance

Solana (and other smart contract platforms) are expected to continue eating into Ethereum’s market share, according to analysts from the blockchain research company. They also predict that Solana’s native tokens, as well as those of other smart contract networks like Terra, will surpass Ether in 2022.

Market performance of Solana (SOL).

SOL began the month on a high note, achieving significant gains, but has since failed to retest these levels (over $240). The coin is presently trading at $173.05, down more than 30% from its all-time high reached in early November. The recent drop, although painful for investors looking for a prolonged rebound, should not be a cause for alarm for the time being.

Solana (SOL) Dips as Bitcoin and Other Major Altcoins Plunge

The value of Solana’s token is now negative.

It was predicted that investors would take profits after a time of enormous gains between the end of October and the end of November. If selling pressure is high enough to keep the bears in control, SOL/USD will continue to fall towards the $152 support level.

However, if traders step in and place additional purchase orders, the token’s price might get enough traction to surge above $200. In the immediate term, SOL will aim for $220 if it breaks over this level.

Is this a good time to purchase the dip?

In the previous three days, the trading volume of Solana has decreased significantly. According to Coinmarketcap, the token’s 24-hour trading volume has decreased by 9.67 percent to $2.23 billion. The decline indicates that traders are exiting the market and sitting on the sidelines. The hot topic among investors right now is whether to purchase the drop or wait for the token to weather the storm.

Despite a dismal run in the last week due to increased selling pressure, SOL/USD has maintained over $170 for the most part. Market experts and traders alike believe that the token is poised to rise, and that it might embark on a new run toward $200. Solana’s price is expected to rise to $215 or higher, according to CryptoWarrior01, a pseudonymous crypto expert.

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