wither While the developer activity in its network continues, the downward trend in its price cannot be broken.
altcoin The price is trading at 68% lower than in November of 2021. SOL price slumped to its lowest levels since August, according to the data.
The price of the altcoin fell below $ 80, however, it managed to rise above $ 85 many times.
With the increase in sales force in the SOL market cryptocurrency bulls failed to get this “Ethereum killer” out of the downtrend.
Considering the moving averages on the chart, it is seen that SOL is still in a sharp downtrend.
However, the average volatility value is around 10%. Both the 50-day and 200-day moving averages are hovering above the altcoin’s price.
Despite the development of the Solana Pay system and the increasing developer activity on GitHub, the SOL network is unable to reach investors who will drive its price up. with this LUNA However, some cryptocurrencies continue to show high performance despite the current conditions in the market.
What Causes Solana’s Poor Performance?
The SOL does not face regulatory problems in any country, nor does it have fundamental problems in its structure.
However, the speculative nature of the altcoin is cited as one of the reasons for the low performance of the project.
In addition, there may have been a selling pressure for SOL in the market as some of the NFT projects supported by the SOL network were revealed to be fraudulent.
*Not investment advice.