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

Christian Encila

1 year ago

3 mins read

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Once touted as an Ethereum killer, Solana, the high-speed blockchain finds itself in turbulent seas. Following a March 2024 all-time high of $203, the cryptocurrency has seen a dramatic downturn and is now trading at $145. Analysts caution of a possible freefall, pointing both internal ecosystem problems and outside market influences.

Solana’s Descent: A Shooting Star Loses Its Luster

Technical signals present Solana with a depressing image. Prominent crypto researcher Alan Santana notes accompanying decreased trade volume the development of bearish candlestick patterns like shooting stars and inverted hammers. These signals point to perhaps a loss of momentum and investor confidence.

The whole cryptocurrency market is now in a correcting phase, which fuels the negative attitude even more. The industry’s barometer, Bitcoin, has dropped from its highs and brought down other digital assets with it. This market-wide slump reduces Solana’s overall demand, so driving down its price.

✴️ 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

Apart from outside market demands, Solana confronts internal problems endangering its stability. Congestion on the network has occasionally hampered transaction speeds and scalability. These glitches compromise Solana’s main value offer—that of being a quicker and more effective substitute for Ethereum.

Fueling the heat, recent public spats between leaders of notable Solana-based initiatives have clouded the ecosystem with division. Such inner strife begs questions about platform long-term viability and leadership.

At the time of writing, Solana was trading at $145. Chart: TradingView

Solana: Can It Weather The Storm?

For Solana, the present offers a pivotal point of intersection. Future of the cryptocurrency depends on its capacity to negotiate these obstacles.

Some analysts, on the one hand, nevertheless find hope. Emphasizing Solana’s potential for long-term expansion, investment behemoth Franklin Templeton has named it as a possible third runner in the cryptocurrency industry.

Furthermore, the forthcoming Breakpoint conference in Singapore, a big Solana community meeting, should inspire fresh investor optimism.

Solana’s narrative is not yet finished. Whether it comes out of this storm as a strong leader or disappears into the background is yet unknown. The long-term direction of the cryptocurrency will be mostly determined in the next months.

Featured image from Reformed Journal, chart from TradingView

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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