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Market News The Price Of Solana May Continue To Decline, Creating a Buying Opportunity

The Price Of Solana May Continue To Decline, Creating a Buying Opportunity

According to CryptoPotato, Solana (SOL) is experiencing downward pressure as a result of a technical pattern, low trading volume, and a decrease in TVL. However, the NFT sector is experiencing some growth.

TOP1 Markets Analyst
2024-01-24
8953

Solana (SOL) 2.png 

 

A prominent trader with the Twitter alias Bluntz, as reported by CryptoPotato, forecasts that the price of Solana may continue to decline in the coming weeks. According to the analyst, SOL has lately followed a distinct path referred to as the "B wave triangle." This pattern manifests itself during the correction phase, constituting one of the phases in the Elliott Wave Theory. The value of a cryptocurrency forms a sequence of lower highs and higher lows in the "B wave triangle," indicating a phase of consolidation preceding a substantial upward trend. Bluntz views the prospective SOL decline as an opportunity to purchase the dip, predicting that "max bidding" will commence when the price returns to the "low 70s."

 

Concurrent with the recent price correction of Solana is a reduction in its on-chain trading volume. As per DefiLlama, the amount has decreased to less than $700 million in the preceding three days, a significant decrease from its zenith of over $2.6 billion at the conclusion of December, when SOL surpassed the $120 threshold. Since the start of 2024, the total volume locked (TVL) on Solana has also decreased. The term "metric" denotes the aggregate worth of digital assets that are secured or wagered on a specific platform. Consequently, the TVL decreases as a result of the price reduction of SOL. Additionally, users potentially unloaded assets from the network in an effort to reduce risk.

 

Nevertheless, there is some good news: Solana has made significant strides in the field of non-fungible tokens (NFTs). The weekly volume of NFT sales increased by 55% to nearly $70 million, and by 9% on a 24-hour basis, to $10 million, in comparison to the previous week. Ethereum maintains its leadership position, having generated $110 million over the past week. However, with a growth rate of approximately 20%, it falls behind Solana.

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