Solana price suffered a drop with mounting selling pressure across exchanges. Analysts believe Solana could recover from the drop and make a comeback.
Also read: MULN stock roars back as bulls take on Hindenburg and Bitnile chimes in
Ethereum’s competitor Solana has suffered a correction as on-chain activity on its blockchain network dropped. Sales of NFTs on the peer-to-peer marketplace OpenSea plunged. The drop in NFT projects developed on Solana has negatively affected on-chain activity on the altcoin’s blockchain. NFT projects launched on Solana since the altcoin is considered a faster, cheaper and effective alternative to Ethereum, offering low-cost transaction processing on its blockchain.
Among other factors, Solana price suffered a drop following its correlation with Bitcoin. Solana witnessed a spike in the number of investors considering the blockchain an Ethereum-alternative.
The mounting selling pressure on Solana across exchanges led to a bearish trend reversal in the altcoin. Proponents believe once the Solana price recovers from a drop below its 200-day moving average, it could make a comeback.
Analysts have evaluated the Solana price trend and observed that the altcoin is out of the oversold area. These analysts argued that Solana price witnessed a trend reversal after a display of bullish pressure in March 2022. This implies buyers are not as confident, as Solana price slips to the 100 SMA, turning that into support.
Analysts have predicted Solana price could reclaim $120 and break into a rally. FXStreet analysts argue Solana price could double once it enters the buy zone. Analysts predicted the 200% gain in Solana as the altcoin traded above the green ascending trendline, considered key to its rally.
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Polygon (MATIC) price has been on a risky drop towards $1.00 over the weekend. Although it was expected that on Saturday, a turnaround would occur, traders instead saw a continuation of the dollar strength squeeze, and investors turning their backs on risk assets.
Altcoins in the crypto ecosystem are being hit by a bloodbath amidst fears of Fed interest rate hikes. However, activity in NFTs has increased on blockchains like Ethereum and Solana.
Dogecoin price showed massive promise last week after an impulsive uptrend. However, the subsequent selling pressure has caused DOGE to retrace lower, delaying its breakout and hence the rally.
Bitcoin price seems like it is stabilizing around a significant support level that has been battle-tested twice over the last three months. A resurgence of buying pressure is likely to propel BTC and all altcoins higher.
Bitcoin is likely to slide below $37,699 to collect liquidity before heading higher. BTC has prematurely triggered a minor run-up, leaving its downside objective unfulfilled. Investors can expect BTC to slide lower and collect liquidity below a significant level before triggering a full-blown impulse move.
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