Will Solana Fall Farther In The Bear Market?


On June 1, Solana’s latest software flaw caused the network to go down for 4.5 hours. The blockchain experienced its longest outage in January, lasting nearly 18 hours. 

The bearish forecast for SOL comes as the Solana blockchain has experienced numerous failures. Making its network unavailable for hours for its core dapps, such as lending platform Solend. The blockchain experienced its longest outage in January, lasting nearly 18 hours. The outages risk spooking investors away from Solana’s competitors, and they have already coincided with several traders shifting their capital elsewhere. Despite the ongoing uncertainty in the cryptocurrency market, selling pressure has subsided, but SOL’s price has continued to fall gradually. Let us review the SOL price

SOL Price Prediction

SOL Price

SOL’s price dropped on June 3 as a result bringing its net paper losses to 85 percent after peaking at $260 seven months earlier. The price has climbed from $37.5 on June 4th, indicating that traders are looking for new support near $33.30. Around $59.26, it is experiencing opposition because of a strong resistance level. A closing over $59.26 in the near term could herald the start of a steady ascent towards $79.33.

Solana suffers issues from trading in lockstep with Bitcoin, and a recovery scenario is far from assured (BTC). The weekly correlation coefficient between BTC and SOL was around 0.92. Also, The Federal Reserve looks to be committed to hiking interest rates and reducing its balance sheet.

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Images courtesy of TradingView.

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