Despite an overall bearish market, the top 3 coins have not really taken a huge hit, It's coins like Solana, which has no basis that are quickly losing value. If you have noticed, BTC is still 62k after all that dump and ETH is 3100. BNB is at 600. These are normal prices.
Yet SOL just reached a 24hour low of $132 today after a massive dump. It recovered to $137 within a few hours but this is just shorts cashing out.
Yes there are still more short liquidations on SOL but for coins like SOL, which their price is pretty much guaranteed to fall, due to lack of fundamental value, it will keep dumping regardless. A short squeeze attempt might be possible but if you do risk management you are fine.
There is a fundamental difference regarding liquidations between BTC and SOL. BTC actually has value, believe it or not, and will be an uptrend for decades. SOL, on the other hand, does not have value. So an "oversold" situation on SOL may actually not be oversold.
This thing is still $130+. How is this valued at $130? It's fair value, in my opinion, is around $10 giving that it's still a "beta" after years of development, too much centralization and inherent flaws in the system.
Such flaws are: There is no real use for the Solana network other than just pumping useless projects like memecoins. I mean, the "Solana Family" group listed on Binance are all meme coins. Solana is the chinese factory line that pumps memecoins like crazy. Of course meme coin developers love this system because their coin doesn't really do anything anyways. Missed transactions? Who cares? Just ICO meme coins and run away with money.
Comment if you have real examples of Solana being actually used for something real. Like productive to society. Because it's really hard to find them. That's why I was shorting this coin for months anyways. Fundamentals.
