Is Solana a 'buy' with SOL price at 10-month lows and down 85% from its peak?

Is Solana a 'buy' with SOL price at 10-month lows and down 85% from its peak?

SOL price still faces headwinds from its Bitcoin correlation, macro risks as well as Solana's downtimes. Solana's (SOL) price dropped on June 3, bringing its net paper losses down to 85% seven months after topping out above $260.SOL price fell by more than 6.5% intraday to $35.68, after failing to rebound with conviction from 10-month lows.  Now sitting on a historically significant support level, the SOL/USD pair could see an upside retracement in June, eyeing the $40-$45 area next, up around 25% from today's price.SOL/USD daily price chart. Source: TradingView60% SOL price decline....


Related News

Solana TVL Sees Sharp Decline, Reaches 2022 Low

When Solana’s price hit new lows near $54, the total value locked (TVL) for the token also declined to a historical low. According to data from Defi Llama, the token’s TVL has been on a steady decline since November 2021. In that month, it reached an all-time high of $15 billion but then lost momentum and went down to $4.34 billion.  Solana’s TVL continued to plummet in the third week of May due to bearish trends within this market that have seen declining interest from investors. Related Reading | Ripple (XRP) Price Picks Up As SEC Legal Showdown Drags On With its price....

Solana Confirms Upside Breakout With Bullish Pennant – Here’s The Target

Solana continues to showcase a positive price movement as it outperforms the rest of the market. This recent surge in value allowed Solana to surpass Binance Coin (BNB) in market capitalization rankings last week, marking a significant milestone for the digital asset. Related Reading: MANA Soars As Market Optimism Returns, Next Stop $0.3713 Level Delving deeper into its performance, technical analysis suggests that Solana’s bullish trend is likely to persist into the coming week. Indicators point to sustained momentum, which could see its price continue to climb. Captain Faibik....

Bitcoin Mining Revenue Plummets To 6-month Low Amid Downtrend

On-chain data shows Bitcoin miner revenues have now declined to six-month lows as the price of the crypto has continued to struggle recently. Bitcoin Miner Revenues Fall To 6-Month Lows As per the latest weekly report from Arcane Research, the BTC miner revenues have now dropped to lows not seen since six months ago. Over […]

Solana Price Could Eclipse $1,400 As Massive Bull Flag Emerges

The Solana price has surged over 33% in the past two weeks, and according to crypto analyst Ali Martinez (@ali_charts), this could be the precursor to a much larger rally. In the weekly chart (SOL/USD), the Solana price exhibits a major bullish pattern, suggesting a potential surge beyond the $1,400 mark. Is $1,400 Next For Solana? Martinez highlighted a “bull flag” formation, a classic continuation pattern in technical analysis that could signify a significant upward movement in Solana’s value in the upcoming months. “The bull flag nobody is talking about!” Martinez commented.....

Biggest Movers: SHIB, SOL Fall to 4-Month Lows, US Inflation Higher Than Expe...

Shiba inu fell to a four-month low on Thursday, as consumer prices in the United States rose by more than expected. U.S. inflation came in at 8.2% in September, which is higher than the 8.1% consensus expectation. Solana was in the red as well, as the token also hit a multi-month low. Shiba Inu (SHIB) Shiba inu (SHIB) dropped to a four-month low on Thursday, as markets reacted to the latest U.S. inflation report. Consumer prices climbed to 8.2% year-on-year in September, which is higher than expectations of 8.1%. As a result of this, SHIB/USD fell to an intraday low of $0.000009385, which....