Solana's price dropped 13% over the past 24 hours following a $40M withdrawal from Binance and anticipation of a $2B token unlock. This event raises concerns among investors.
Current State of Solana's Price
The current price of Solana is $141.58, down 13% from the previous day. The situation worsened after market maker Wintermute withdrew $40 million from Binance ahead of token unlocking.
Technical Analysis of Solana
According to GeckoTerminal, Solana's price is resting on a support level of $140.05. If it falls below, a drop to $122.74 is possible. RSI and MACD indicators on the 4-hour chart show bearish trends. The RSI is in oversold territory, suggesting a potential bounce.
Future Prospects for Solana and Solaxy
Solana faces congestion issues due to the rising popularity of meme tokens. Solaxy, a new layer-2 structure, may enhance network throughput. It will also connect Ethereum and Solana networks, creating a robust Web3 infrastructure.
Solana's price drop raises concerns among investors. As the market awaits developments, projects like Solaxy could offer long-term solutions to enhance Solana's efficiency.
