{"id":570195,"date":"2024-01-18T13:40:30","date_gmt":"2024-01-18T13:40:30","guid":{"rendered":"https:\/\/wncen.com\/?p=570195"},"modified":"2024-01-18T13:40:30","modified_gmt":"2024-01-18T13:40:30","slug":"solana-price-drops-as-altcoin-market-falters-is-it-too-late-to-buy-sol","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/company\/solana-price-drops-as-altcoin-market-falters-is-it-too-late-to-buy-sol\/","title":{"rendered":"Solana Price Drops as Altcoin Market Falters; Is It Too Late to Buy SOL?"},"content":{"rendered":"
Solana (SOL) has had a tough time in the crypto market over the past few days.<\/p>\n
Amid a broader altcoin decline, SOL\u2019s price has dropped just over 4% and is now trading below $100.<\/p>\n
This article takes a closer look at Solana\u2019s recent price action and discusses whether or not it\u2019s too late for investors to buy SOL in 2024.<\/p>\n
SOL\u2019s 4% loss makes it one of the worst-performing established altcoins this week, alongside rivals like XRP (XRP) and Cardano (ADA).<\/p>\n
The token is down nearly since last Thursday, with its market cap dropping to $42.6 billion.<\/p>\n
Since yesterday, trading volumes are actually up 14%, making SOL the 6<\/a>th<\/sup><\/a> most-traded cryptocurrency globally<\/a>.<\/p>\n This volume uptick is at odds with the bearish sentiment in the broader crypto market following the launch of spot Bitcoin ETFs two weeks ago.<\/p>\n <\/p>\n Although the launch of these ETFs was meant to be a positive catalyst for investors, the reaction has been underwhelming so far.<\/p>\n Bitcoin has plunged to $42,360, and most altcoins have struggled to remain in the green.<\/p>\n This has been no different for Solana, which looks to be in the process of creating a lower high on the daily time frame.<\/p>\n Moreover, SOL is testing the 50-day exponential moving average (EMA) as support on the 4-hour time frame – and if this breaks, further downside could be on the cards.<\/p>\n As Solana keeps dropping amid the altcoin selloff, investors may wonder if the opportunity to buy SOL at a reasonable price has already passed or if there is still potential upside.<\/p>\n On the one hand, SOL is up 468% since September and has already seen massive gains.<\/p>\n With the token\u2019s price hovering around the psychologically important $100 level, SOL may now seem expensive compared to its lows below $18 last year.<\/p>\n Some traders likely took profits during the early part of this week, leading to the question of whether long-term sentiment has flipped bearish towards SOL.<\/p>\n <\/p>\n However, when analyzing SOL\u2019s potential, it\u2019s clear there are still catalysts on the horizon that could fuel further upside.<\/p>\n For example, Solana continues to see surging developer activity, a sign of growing adoption.<\/p>\n A recent report from the Solana Foundation<\/a> highlighted that the network has more than 2,500 monthly active developers \u2013 sometimes reaching as high as 3,000.<\/p>\n So, while Solana has suffered from the altcoin selloff this week, there may still be an opportunity for investors who are happy to buy and hold SOL for an extended period.<\/p>\n While Solana has been one of the worst performers this week, a handful of other altcoins have generated positive momentum.<\/p>\n One such altcoin is Bitcoin Minetrix (BTCMTX)<\/a>, a presale project that has recently passed the $8.7 million funding milestone.<\/p>\n While the broader market has slumped recently, Bitcoin Minetrix<\/a> has continued gaining ground, raising hundreds of thousands this week alone.<\/p>\n Investors worldwide have been taking part in the Bitcoin Minetrix presale, a limited-time event where the native BTCMTX token is available at a discount.<\/p>\n At the time of writing, BTCMTX tokens are on offer for $0.0129 \u2013 although this price point will rise in the next stage, which is due to start in two days.<\/p>\n Once the Bitcoin Minetrix presale ends, the developers plan to list BTCMTX on several exchanges to offer broader access.<\/p>\n <\/p>\n Members of the Bitcoin Minetrix community are already speculating that these listings could be the key to unlocking enormous price growth for BTCMTX.<\/p>\n These features all revolve around streamlining the crypto-mining process through a mechanism called Stake-to-Mine<\/a>, which removes the need for expensive computing hardware.<\/p>\n Given that the global crypto mining market is projected to grow by almost 8% per year<\/a> between now and 2029, Bitcoin Minetrix\u2019s setup could be in high demand.<\/p>\n <\/p>\n For that reason, investors have been buying BTCMTX tokens in anticipation \u2013 making it one of the highest-performing coins in the market this week.<\/p>\nIs It Too Late to Buy SOL As Price Continues to Fall?<\/h3>\n
Which Other Altcoins Are Performing Well This Week?<\/h3>\n
Bitcoin Minetrix Continues Impressive Presale Momentum Ahead of Looming Exchange Listings<\/h3>\n