👉👉👉 #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
