This morning’s 11% drop in the price of SOL comes on a dismal day for the cryptocurrency market overall, which is down 3%.
However, at $57.84, SOL is still up 17% from the previous week and a whopping 140% over the previous 30 days. The cryptocurrency has gained 480% so far this year.
As a result, it ranks among the top-performing main tokens of 2023, and future market pushes should help it more than most other currencies of a similar nature.
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Its losses today, meanwhile, suggest that it could have peaked for the year. At this point, other altcoins, like the gaining traction Bitcoin Minetrix, would be a better investment.
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Will Solana Reach Zero? SOL Lowers Prices by 10%
The drama of today has somewhat weakened SOL’s short-term momentum, but its medium-term momentum is still rather strong.
The 30-day moving average of the coin, which is yellow, is also rising gradually above its 200-day average, which is blue. This indicates that the coin is still in the midst of an expansionary, bullish period.
Crucially, despite losses, SOL’s support level (green) is holding strong, indicating that the cryptocurrency won’t fall much further before rising once more.
With roughly $4 billion in trade activity over a 24-hour period, it is still very optimistic compared to $400 million a month ago.
Nevertheless, evidence indicates that a number of significant transfers to exchanges during the last day or two indicate that whales grabbing gains are the main source of today’s suffering.
Because of this, traders might be recommended to wait until whales have finished dumping before going back to SOL.
Longer term, SOL’s outlook is still excellent, with a strong 2023 ahead of both the currency and its native platform.
It has had positive acceptance rates (Visa, for example, has included Solana to its stablecoin experiments), and following a 2022 beset by outages, it has maintained 100% uptime for more over eight months.
As such, if all goes according to plan, the SOL price may go back to $70 in the next weeks.
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Many traders would feel more at ease investing in currencies with better short-term return possibilities if they believe that SOL is overpriced and may need to suffer a little longer before it resumes growth.
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Because of this, they could want to look into some presale tokens, which, especially after a major sale, have a tendency to appreciate in value upon listing.
Bitcoin Minetrix (BTCMTX), a stake-to-mine platform that has raised more than $4 million in its offering, is one startup that meets this description.
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