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Solana price hits lowest point in six months, recovery likely as the Ethereum-killer leads in Web3 gaming – FXStreet

Ekta Mourya Ekta Mourya
FXStreet

Solana price plummeted nearly 5% over the past week, hitting the lowest price in the last six months. Analysts believe Solana price could recover from a recent drop as the altcoin competes with Ethereum. 
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Solana price plunged consistently for the past six months. After hitting an all-time high four months ago, the altcoin dropped 69%. Solana hit its lowest point, close to $79. Proponents believe that the Ethereum-killer can break its sharp downtrend and recover to $85. 
Analysts argue that selling pressure on Solana price remains; however, bulls have pushed the Ethereum-killer to its resistance. 
The altcoin competes with Ethereum in Web3 gaming. Amio Talio, the founder of UK-based Paradox Studios, believes that Solana's building language attracts more developers compared to the Ethereum network. 
Talio explains that games like Star Atlas on the Solana blockchain offer users the opportunity to earn cryptocurrency, increasing their wallet balance. This makes it more lucrative compared to games on other platforms. 
Analysts have evaluated the Solana price trend and identified a falling wedge pattern. This is considered a bullish signal for the Ethereum-killer, and analysts believe Solana price will likely recover. 
FXStreet analysts believe Solana price remains at risk of collapse. The Ethereum-killer altcoin's price could dip lower as it continues to descend. The downside for Solana could be swift and violent, as analysts set a target of $50 for the Ethereum-killer. 
Solana price is headed for the 100% Fibonacci extension, or the top of the upper range of the current high volume node. Analysts have a bearish outlook on Solana price. 
 

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Bitcoin price has single-handedly crashed the entire crypto market as it tumbled below a crucial support level. As of this writing, BTC is still yet to find a stable support level and hatch a recovery plan. Altcoins, including Ethereum and Ripple, are already working on bouncing back.
Cardano price has been repeating this liquidity fractal pattern since June 18 and triggered one just a few hours ago. The fractal is simple and aims to collect the sell-stop liquidity before an explosive move to the upside. 
SafeMoon price has seen a significant drop in volatility as it trades around a significant support level. This outlook could change quickly due to the bearish scenario that has been cooking for quite a while.
Ethereum Classic price has lost support from the 8-day exponential and 21-day simple moving averages. ETC price shows an uptick in volume amidst the decline.
Bitcoin price has not only swept key swing lows, as noted in last week’s articles, but it has also reached its first recovery level target. While the recovery rally was as quick as it was a surprise, investors can hope for a minor retracement to get on the next leg-up.
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She has spent the past eight years playing the role of an infrastructure consultant, and has now joined Inferse.com as a full time blogger. Her current profession is a result of her deep interest in computer gadgets, laptops, gaming accessories and other tech happenings.