👉👉👉 #Solana⁩ price faces decline: What’s behind today’s drop?

Solana (SOL) faced a 3.85% drop, hitting $142 on April 26, part of a recent correction from a peak of $160, marking an 11% decrease.

Factors Contributing to Decline

- Mert Mumtaz, Helius CEO, refuted claims of Solana's network congestion resolution, contradicting SolanaFloor on X's data. Mumtaz's statement coincided with SOL's recent high, followed by an 11% price drop, emphasizing network stability's impact on SOL's market performance.

Economic Challenges and #marketsentiment

- Weak U.S. GDP growth of 1.6% in Q1 2024 and core inflation at 3.7% annually reduce near-term interest rate cut expectations, impacting SOL. Swap traders lowered expectations for Federal Reserve rate cuts in 2024, affecting market sentiment.

SOL's Recent Performance

- Over the past month, SOL declined over 23%, reaching $148 in the last 24 hours, but showed resilience over seven days. The market downturn post-Halving event on April 19 affected various digital assets.

Market Outlook and Recovery

- Despite falling below $150, there's optimism for SOL's rebound, although it failed to breach the 31.80% Fibonacci level at $165. Some anticipate a potential drop to around $100, but expect recovery driven by SOL demand and market sentiment shift.

Anticipated Mid-term Surge

- With the #BitcoinHalving anticipation, a broader market recovery may benefit SOL. Potential uptrend could see SOL reaching $200 and the 61.80% Fibonacci level, possibly by month-end. May could bring a general reversal, boosting SOL and other #cryptocurrencies .

Source - cryptopolitan.com

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