The post Solana (SOL) Worst Performing Asset Among Crypto Top: What’s Up? appeared on BitcoinEthereumNews.com.

Cover image via www.freepik.com Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. Among the leading cryptocurrencies, Solana has recently come under fire for having one of the worst performance records. Despite earlier indications of strength, Solana’s position in the cryptocurrency space is under threat, as recent market dynamics have exposed performance flaws. According to a price chart, Solana has broken out of a descending channel indicating weakness. The asset fell sharply to the $216 level, where it currently finds temporary support after failing to hold its ground after attempting to consolidate near the $240 range. The asset’s inability to sustain bullish momentum is highlighted by this notable price decline, which has caused many investors to doubt its actual strength.  SOL/USDT Chart by TradingView The recent cycle of meme coin booms and busts on its network is one of the factors contributing to Solana’s difficulties. Initially driving traffic and activity, the meme coin market proved to be more of a double-edged sword. Numerous meme coins have caused instability due to their extreme volatility and speculative nature; some have even been called scams. Related Investor trust in the network has been damaged as a result, and it now appears less dependable than rivals. Furthermore, Solana may have given the impression of resilience with its prior rally. The asset was supported during its previous ascent by increased network activity and hype, but…

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Filed under: News - @ December 10, 2024 9:24 am