In the crypto arena’s ongoing decimation, Solana defied the norm by dipping just 0.59% over the past 24 hours. As the total crypto market capitalization hovers around the $1 trillion mark, Solana’s current valuation is $21.7. Could we see Solana diving to $10? How low will Solana price reach?

Why are Cryptos Crashing?

A multitude of macro variables often sway the pricing of cryptocurrencies. But the recent news about Elon Musk’s firms selling off a significant portion of their Bitcoin stash has deepened the existing market slide. This major move by an influential entity has added to the already prevalent market apprehensions.

Solana Analysis: Why the Minimal Decline for Solana?

While most cryptos faced severe hits, Solana’s price landed at $21.7, denoting a 24-hour decrease of 0.59%. Its 7-day performance saw an 11.33% drop. This widespread crypto recession disrupted Solana’s anticipated bullish momentum.

How Low will Solana Price Reach? 3 Potential Solana Price Targets

To deduce potential low-water marks, it’s pivotal to identify ensuing support zones. For Solana:

Target 1: $20
Target 2: $16
Target 3: $12

Can Solana’s Price Rally?

Given the overarching crypto downturn, prognosticating Solana’s recovery remains speculative. A bounce-back is contingent on fostering a positive crypto market vibe, enticing investors to re-enter. Post-crash, such favorable conditions often emerge within a few days.

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Filed under: Bitcoin - @ August 19, 2023 6:18 pm