🚀 Will Solana dodge the $100 mark in May 2024 amidst recent turbulence? Validators withdrawing $1.9 billion in SOL over two weeks amid market fluctuations has led to a 41% drop in SOL price to $118.72 by May 1. This decline was exacerbated by network congestion and decreased demand, causing concern among DeFi investors and validators who are exploring alternative options due to Solana's faltering transaction efficiency.

Staking deposits plummeted from 378.5 million to 362.6 million SOL, reflecting the massive withdrawal. Solana's transaction failure rate skyrocketed to over 60.5% on April 30, impacting various projects including DeFi, Memes, and NFTs.

The current scenario paints a bearish picture for SOL, with technical indicators signaling a potential drop to $100. SOL is trading below the lower Bollinger Band limit at $124, indicating significant bearish sentiment and limited support. However, the RSI approaching oversold territory at 32.6 hints at a possible rebound if prices recover to $110, potentially soaring to $150.

Source: thecryptobasic.com

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