Cryptocurrency According to market cap rankings by tracking site CoinMarketCap, Avalanche (AVAX) has surpassed Solana (SOL), once known as Ethereum’s biggest competitor.
Token of the Avalanche project AVAX With a market capitalization of $3.47 billion, it placed 17th, while Solana’s total market capitalization fell to $3.43 billion, taking 18th place.
While there is no more than 1-2% weekly sales in other altcoins, SOL continues to worry its investors by losing 20% in this process. Two important reasons stand out for Solana’s decline:
NFT Collections Leave Solana
once upon a time “Ethereum Killer” recently NFT suffered great loss in the field. DeGods and y00ts, one of the most popular collections in the industry, successively wither announced that it will leave the ecosystem. For this reason, Solana may have started to lose its NFT investing audience.
Network Outages
Although it hasn’t happened much in recent weeks, the SOL network faced major problems, especially at the beginning of the year. Although the low cost of transfer fees is a great opportunity for users, this has affected the quality of service. The Solana network has been down several times during the year.
Latest Situation in SOL
Solana’s native token LEFTWith the latest bearish move, the coin has also dipped below the 9.50 support level, which it last faced in mid-2021.
If the bearish move continues unabated, resistance levels to watch are found at $7.08 and $4.82.
SOL is currently finding buyers with a $9.40 tag.
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