Solana (SOL) has fallen by 13% over the last 24 hours, reaching $135 amid altered trading activity. We will discuss the causes of the drop, technical analysis, and alternative projects.
Current Market Situation for Solana
Solana's price has sharply dropped despite its recent rally to $177.88. This decline is caused by the sale of 3.03M SOL by FTX, which introduced market anxiety. Amid these events, the SOL price affected market activity and volatility.
Technical Analysis and Forecast
The SOL/USDT pair trades at $135.35, reflecting a correction stage after previous rises and falls. The price is testing support at $135, corresponding to a prior double-bottom pattern. Holding this support could lead to a trend reversal, giving prices an upward momentum. The RSI index presently stands at 37.49, approaching the oversold level, suggesting recovery if buyers start accumulating.
Alternative Solana Projects
With the pressure on Solana, investor attention has shifted to Solaxy. This Layer 2 project offers solutions to alleviate network congestion through a sidechain. Solaxy's presale has already raised over $24.8 million, indicating high investor interest.
Solana's price is subject to significant fluctuations amid market events and technical factors. Support at $135 could be a pivotal point, determining the trend's direction. Meanwhile, projects like Solaxy find their niche by offering alternative solutions and investment growth opportunities.
