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Breaking News: Is Sony The Next Crypto Bank? Tech Giant Applies For A National Charter In The US

Solana Drops Close To 20%, Imminent Rebound Or Start Of Correction?

Reynaldo Marquez
Reynaldo Marquez
4 years ago
2 mins read
Solana SOL SOLUSDT

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Solana has been caught in the crossfire as investors woke up to a bloody Monday due to hurdles in the Asian markets. The top cryptocurrencies by market cap are in the red recording moderate to heavy losses in the 24-hour chart.

Solana Follows The General Sentiment In The Crypto Market

At the time of writing, Solana (SOL) trades at $143,53 with a 10.9% loss in the daily chart. In the weekly chart, the cryptocurrency is amongst the worst performers on the crypto top 10 with a 17.9% loss.

Solana SOL SOLUSDT
SOL with moderate losses in the daily chart. Source: SOLUSDT Tradingview

After Solana, Polkadot (DOT) is the closest to record similar losses for the weekly chart with 17.6%, followed by Cardano (ADA) with 17.1%, XRP with 16.5%, and Binance Coin (BNB) with an 11% over the same period.

Bitcoin and Ethereum outperformed other cryptocurrencies on the weekly chart, with BTC recording only a 4.7% loss. Solana dropped during the weekend following a long period of profits and an-all time high north of the $200 mark.

As it has happened in the past, investors seemed to favor BTC and ETH, the largest cryptocurrencies, in expectations of further downside in the macro-economic outlook due to the potential risk of default by Chinese real estate developer titan, Evergrande.

Related Reading | Bitcoin Price Sinks 10% As Market Braces For Macro Storm Ahead

As seen below, the China 5-year credit default swap has increased, according to data shared by ZeroHedge. This suggests that many investors are betting on the possible failure to honor its financial commitments by the Asian giant.

Bitcoin BTC BTCUSD
Source: Zerohedge via Twitter

However, Primitive Crypto founder Dovey Wan believes the opposite. Commenting on the Evergrande situation, Wan highlighted that the Chinese market and its companies operate differently than those in the West.

Therefore, she expects the situation with the real estate to not escalate to the point of Lehman Brothers, the financial services firm that defaulted in the U.S. during the 2008 economic crisis. Wan said:

Evergrande is not a vapor financial co, tho it’s high leveraged real estate developer sill retains good trunk of property/lands+ good cash flow biz like property mgmt co on its book. The situation can trigger macro panic but the substantial threat is far less than Lehman.

Bitcoin Holds The Key For Solana In The Short Term?

In previous bearish momentum for the crypto market, most of the assets followed Bitcoin. Therefore, BTC’s price could determine what happens to Solana in the near future.

BTC stands on critical support in the daily, trading at $43,855, and could find its next support in the high area of $30,000 potentially returning to its previous range.

Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course

However, Solana (SOL) has demonstrated resilience in that scenario, and it could potentially become one of the few cryptocurrencies capable of enduring another major sell-off.

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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