Home Cryptocurrency

Ethereum-killer Solana price is under pressure as NFT sales on OpenSea take a hit – FXStreet

Ekta Mourya Ekta Mourya

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. 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
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.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer.
Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
Opinions expressed at FXStreet are those of the individual authors and do not necessarily represent the opinion of FXStreet or its management. FXStreet has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.Any opinions, news, research, analyses, prices or other information contained on this website, by FXStreet, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXStreet will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.


Previous articleWant To Play Games On The Netflix App? How To Log In And Other Details Here | Mint – Mint
Next articleSurface Pro 8 and Surface Laptop 4 won't arrive in 2020 (report) – Laptop Mag