🔥🔥🔥 #Solana⁩ Price Forecast: Can SOL avoid $100 Reverse in May 2024?

Solana validators withdrew $1.9 billion in SOL over two weeks amid a market downturn. SOL dropped to $118.72 on May 1, down 41% in April due to network congestion and reduced demand.

#StakingRewards data shows SOL staking deposits fell from 378.5 million to 362.6 million SOL, reflecting a $1.9 billion withdrawal. Solana's transaction failure rate exceeded 60.5% on April 30, impacting DeFi, Memes, and NFT projects.

This contradicts Solana's promise of fast, efficient transactions, prompting validators and #DEFI investors to unstake SOL and explore alternatives.

Solana Price Forecast: Bears Target $100 Reversal in May 2024

Validators' massive unstaking drove SOL's decline. Network congestion suggests SOL could drop to $100 in May 2024.

Technical indicators support this view. SOL trades below the lower Bollinger Band limit at $124, indicating strong bearish sentiment. With limited support, SOL risks hitting $100.

However, the RSI nearing oversold territory at 32.6 suggests a rebound if prices reach $110, possibly rising to $150.

Source - thecryptobasic.com