Solana Price Faces Decline: What’s Behind Today’s Drop?
Trending
Solana (SOL) has dipped by about 3.
Solana Price Faces Decline: What’s Behind Today’s Drop? Trending Solana (SOL) has dipped by about 3.85% today, landing at $142 as of April 26. This decline marks a continuation of a correction that began yesterday, with SOL previously peaking at around $160. Since then, its value has decreased by more than 11%. This downturn is a culmination of several factors including unresolved technical issues within Solana’s network and bleak economic data from the U.S. Network Congestion and Developer Challenges Mert Mumtaz, CEO of Helius, a Solana-based development platform, recently addressed claims regarding the resolution of Solana’s network congestion issues. Contrary to a post by data analytics firm SolanaFloor on X, which suggested that the network’s problems were fully solved due to shorter transaction confirmation times, Mumtaz asserted that the operational challenges persist. This is falseWe've made some improvements, but by no means are we fully back to normal, and nothing has been completely resolved bunch of work left to do https://t.co/ofwC8gojzU — mert | helius.dev (@0xMert_) April 24, 2024 His statement came right as SOL hit its local high, and the token’s price fell roughly 11% following his tweet, highlighting the impact of network stability on Solana’s market performance. Historically, Solana has been susceptible to price drops linked to its network issues, with one incident leading to a nearly 14% fall after a network outage. Economic Headwinds and Market Sentiment The broader economic environment is also playing a significant role in SOL’s current performance. The U.S. economy showed a sluggish growth of 1.6% in GDP for the first quarter of 2024, which was below expectations. Meanwhile, core inflation has risen from 2% to 3.7% annually, diminishing the likelihood of near-term interest rate cuts. This economic scenario has led swap traders to scale back their expectations for Federal Reserve rate cuts in 2024 to about 33 basis points, a drastic reduction from the previously anticipated six quarter-point cuts. Over the past month, SOL has faced a significant downturn, with its price dropping over 23%, as per CoinMarketCap. The price further slid to $148 in the past 24 hours, yet it has maintained some resilience over the past seven days. This trend reflects a broader market downturn that has affected various digital assets since the recent Halving event on April 19th. Despite this, there remains a cautious optimism among investors that the current short-term market reactions do not necessarily predict long-term declines. Solana’s price has recently fallen below the crucial $150 mark, yet many are hopeful for a rebound. This optimism persists despite the fact that during its last bull run, SOL failed to breach the 31.80% Fibonacci level at $165, indicating a possible further drop to lows around $100. However, there’s still potential for recovery fueled by increasing demand for SOL and a possible shift in market sentiment. The belief in a potential mid-term surge following the Bitcoin halving suggests a broader market recovery could be on the horizon, benefiting SOL significantly. With this potential uptrend, some anticipate SOL could reach as high as $200 and the 61.80% Fibonacci level, possibly by the end of the month. Looking ahead to May, the market could see a general reversal, boosting SOL along with other cryptocurrencies #Megadrop #BinanceLaunchpool
Shiba Inu Burns Skyrocket Over 900% Shiba Inu (SHIB), has experienced a staggering 921.31% surge in token burns within the past 24 hours, with approximately 45.16 million tokens destroyed. This massive increase in token burning indicates a significant boost in investor confidence and a concerted effort to reduce the circulating supply of SHIB, potentially driving up its value. However, despite the record-breaking burn rate, SHIB's price has seen a notable decline in recent hours. Experts attribute this fall to a slowdown in buying activity among both retail and institutional investors. As the market grapples with uncertainty, the Chaikin Money Flow (CMF) for SHIB remains negative, confirming a lack of demand for the altcoin. To compound the issue, about 21% of SHIB holders currently conducting transactions are profiting from their investments. This suggests that many SHIB holders may be looking to sell their tokens in anticipation of a continued market downtrend. This sell-off could further exacerbate the decline in SHIB's price. Amid these challenges, SHIB's Shibarium Layer-2 network is preparing for a May 2 upgrade, which could stabilize and potentially bolster the token's price. However, for now, the market remains uncertain, with many investors taking a wait-and-see approach before making their next move. #BinanceLaunchpool #Fed #SHIB #BinanceLaunchpool #SHİB #FedMeeting
#BTC🔥🔥🔥🔥🔥🔥 #dump (fall as planned) Bitcoin has returned to the $64,000 area after a slight decline and is holding in a range. Local growth is needed only for one purpose - to gather liquidity and take profits, and the higher bitcoin grows now, the harder and sharper it will fall later. I am very pleased to see the optimism of crypto-enthusiasts, who celebrate any micro growth of bitcoin by 1-2 thousand and immediately start shouting that we are going up. I am also happy to see the fear and greed index rising and sentiment towards BTC growth. This shows that the plan to trap the bulls is working perfectly and as soon as we reach profit taking levels at the top, Bitcoin will rocket downwards. But until it breaks support $59,000, Bitcoin is still in the range. I look forward to 1,000 of your poisonous comments - they are fuel and a storehouse of inspiration for me. #Bitcoin #binance #BTC $BTC #BTC🌪️ #dumpNpump
Hello update about my #ONT & #ONG trades i just closed both in big profits .. yesterday i took the short and closed ONG then Cryptopredix gave the long and i took the long again ... this indicator just keeps on Milking profits long and short both , what an amazing indicator ... #BinanceLaunchpool #ScamRiskWarning #Memecoins🤑🤑 #BinanceLaunchpool #ScamRiskWarning
What should you do these days? 🚨 Like, follow and read with me 👊🏻 ⚜️Golden advice that I wish someone had told me in the beginning 💰👇🏻👇🏻👇🏻👇🏻👇🏻 In the next 6 months when crypto prices are rising, you can make big changes in your life by following these steps: 1️⃣ Save lots of money. 2️⃣ Don't buy Bitcoin or Ethereum. 3️⃣ Invest in new coins (less than 2 years old). 4️⃣ Invest in small coins (worth less than $500 million). 5️⃣ Choose strong coins in areas like Al, data, privacy, gaming etc. 6️⃣ Just wait and be patient. 7️⃣ Make big profits when prices go up. 8️⃣Sell when many people start buying. That's all. This plan has worked for me before, and it will again. The best part? I'll share my journey here so you can join too. Like and repost for everyone to benefit 🙏🏻🙏🏻 🚨FOLLOW ME FOR MORE 🚨 👉🏻👉🏻@mr-Hazem 👈🏻👈🏻 #Binance #BTC #DEX #BITCOIN #DeFi #bitcoinhalving #BTC
An old lady bought dozens of bitcoins with her friend in 2015. The friend withdrew the money from the exchange to the Bitcoin PC wallet on the friend's computer and gave her a mnemonic phrase and a WIF private key. At the end of 2017, I went to my friend's house to check the Bitcoin PC wallet. The coins were still there, but not long after that, the friend disappeared. A few days ago, the old lady's daughter-in-law found me and wanted to recover the bitcoins. After calculation, the Bitcoin address corresponding to the private key had coins in the past, and there were transactions from 2012 to 2023. The coins were immediately transferred away as soon as they entered, which was suspected to be a trap. The mnemonic phrase itself had a verification error, and the Bitcoin PC wallet did not have a mnemonic phrase. Using computing power to calculate the various errors or disorder of the mnemonic phrase did not produce any results. At this point, it can be basically concluded that she was deceived by her friend and was given irrelevant mnemonics and private keys at random. It should have been in the friend's computer all the time, but the key was that she didn't know the coin address yet. . . The same mistake as Xu Bo, so the private key must be in your own hands. In the hands of others, it is equivalent to having no coins, because human nature cannot stand the test. . . . . . Except me. I will recover, don't worry #Megadrop #新币挖矿 #大盘走势 #BTC #BNB
If $PEPE price hits again $0.00000600 today, ONE lucky follower will get $2,500 USDT worth of PEPE coins from me! 👉Just ensure you are FOLLOWING me! $DOGE $SHIB #bitcoinhalving #BullorBear #SHIB #etf
Bitcoin is correcting and its high currency acquisition is waterfalls of red blood 🚨 🌟 About a month ago, I saw that most people were dreaming of these prices, as if they would not see them at the time, with the FOMO that was happening. Now here it is in front of you with very good discounts Strong project currencies have dropped to purchase and collection prices. Why is everyone afraid? When the market goes up, is it time to buy or when it goes down and gives you opportunities and discounts in which to sell your currencies and someone who is smarter than you buys them? 🌟 We talked about BlackRock and investors are buying huge amounts of Bitcoin. Are they beginners to this degree and do they not know that a correction will occur? Other than BlackRock, there is another giant, Fidelity, whose quantities are increasing every month. Like them, they currently own 260,350 thousand Bitcoins, which is worth $16.54 billion dollars. They are not beginners in this market at all. We can say correction or exit time when you see these giants selling, but currently it is just a normal correction and selling your currencies and Bitcoin is just a trap until those who are smarter than you buy them at cheap prices 🤝 The easy advice, as usual, whose difficulty lies in its ease: Buy red 🔴 And selling green 🟢 Sorry if it took you so long $BTC #BinanceLaunchpool #cpi #bitcoinhalving #BullorBear
10 years ago, my friend told me to buy BTC. In 2016, my friend told me to buy ether. In 2019, my friend told me to buy $SHIB . In 2022, my friend told me to buy CCDS. In 2023, he told me to buy pepe. I didn't fall for it. I knew it was a scam. Fortunately, I didn't buy it at that time. Now, those friends who bought $BTC and Ether are lazy, doing nothing, living like a waste, driving a luxury car worth tens of millions, accompanying beautiful women, and traveling around the world. What is this? The point is that this is not the life I want #BinanceLaunchpool #cpi #bitcoinhalving #BullorBear
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