Sounding Distress Signals for Solana? Here’s What’s Known

The cryptocurrency market fell 3.34% to $1.02 trillion. on the other hand wither (SOL) participated in this price drop, falling 6.3% to $23.33 according to CoinMarketCap. SOL has managed to make good use of the rally since the beginning of this year. As we reported, for a cryptocurrency that fell to its lowest price point of $8.14 after the collapse of FTX and filing for bankruptcy, the current price level is considered a very impressive display of resilience and courage.

Fading dollar chart

With a consistent daily and weekly close since the beginning of the year, Solana’s moves can be considered just a pullback, which is characteristic of risky assets in general.

The majority of its Ethereum counterparts, the Solana equivalent, have also recorded an equal price drop. This is a trend that shows the bears have no underlying intent to help push the SOL price down.

Fundamentals are on the right track when it comes to the Solana protocol right now. Not only does the network no longer suffer the disruptions for which it was once infamous, widely accepted community-driven projects are being launched on the blockchain, re-establishing it as one of the most used smart contract hubs in the world.

Solana now even has its own meme coin, the most popular being Bonk (BONK) and helping the overall growth of the protocol in general. Solana’s growing ecosystem and community increases the chances of SOL price finding resistance to bounce off very soon.

You can see the current price action by clicking here.

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