Solana (SOL) has been on its way to hitting the $200 mark but is unable to do so due to several factors. The major resistance faced by the coin has caused unrest in Solana’s investor community, resulting in SOL’s price plummeting.
Algoetch (ALGT) is showing remarkable performance in its presale round, setting new milestones and captivating traders and investors with the enticing opportunity to invest in this promising project.
Solana facing resistance in passing the $200 mark
After Solana surged past the mark of $200, it started facing formidable resistance. This resistance caused a notable pullback in Solana’s value. Despite this, the crypto market has a positive sentiment due to Solan’s total value locked (TVL), which increased from $1.4 billion to $3.9 billion.
There is excitement regarding Solana’s main net (SOL), which is expecting a launch of the Cross-Chain Transfer Protocol (CCTP). This upcoming launch is garnering major positive sentiment for the blockchain.
Bearish patterns on-chain hint at caution, with dips in transaction fees and active addresses possibly impacting Solana’s market dynamics. While the coin’s recent bullish trajectory has been remarkable, the impending threat of a price correction stays.
In case you were wondering, the drop in active addresses from 1.61 million to 1.33 million, combined with a decline in new addresses seen on the network, raises concerns regarding decreasing user engagement.
Solana Price Prediction
As Solana maneuvers through resistance at $200, speculations are there regarding its future developments. With the recent uptrend in SOL’s trading volume surpassing $12 billion, the coin has the potential for a notable gain in 2024.
Currently, the trading price of Solana is hovering above $185, which seems like a challenging barrier to overcome. Statistically, the project has witnessed impressive growth, going over 70% in the last month alone.
Moreover, the notable dip in SOL’s transaction fees from $5.08 million to $2.07 million could negatively impact the enthusiasm of buyers. Lesser transaction fees may offer sellers more leverage, affecting the market dynamics of the coin.
Solana’s long/short ratio signals an increasing bearish sentiment, with around 54% positioned for a potential dip in price. This shift reflects a degree of uncertainty in Solana’s immediate future, warranting a balanced approach to investment strategies.
Algotech surpassed the $3.5M mark in its presale, announced a $250K giveaway
After raising $3.5 million and reaching over 10,000 unique holders in its ongoing presale, Algotech has announced a historic giveaway to celebrate its progress. The project is giving away $250,000 in ALGT tokens to 10 lucky winners.
Algotech (ALGT) offers a cutting-edge algorithmic toolkit that includes hedging, breakout detection, mean reversion, and high-volume arbitrage. These innovative features are created to empower traders through the complexities of the markets.
Analysts have expressed optimism about the project’s future, as investors are rushing to participate at the current price level of $0.08. This price is expected to increase to $0.10 in the next round.
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