The post Solana’s Decline: Could SOL Drop to $120? Experts Recommend Considering This Alternative appeared on BitcoinEthereumNews.com.

Despite a strong start to the year, Solana’s fortunes are waning, with its value continuing to slide. Recently, SOL’s price dipped nearly 4%, settling at $145, which eroded almost all the gains it accumulated in July when it reached a peak of $193. This drop has led to growing concerns that SOL could plunge even further, hitting the $120 mark. The downturn for Solana began as the summer transitioned into August, following a period of high expectations driven by the emergence of Bitcoin and Ethereum ETFs. SOL had been a promising candidate in the market, but as selling pressure increased, the optimism faded. The past 48 hours have seen SOL’s value consolidate between $141 and $148, placing it in what analysts describe as a “danger zone.” If SOL falls below this range, the likelihood of a freefall to $120 becomes more probable. The situation for Solana is compounded by a significant drop in trading volume, which has decreased by 32% over the last 24 hours. This decline in activity indicates reduced investor interest and participation, making a recovery for SOL seem unlikely. With fears of further price declines looming, some traders are already bracing for the worst, preparing for SOL to reach $120. This has led most to seek out new, more promising opportunities. One crypto token gaining traction is MoonTaurus (MNTR), a meme coin that has recently entered Stage 2 of its presale. Unlike Solana, which is struggling under the weight of market forces, MoonTaurus is experiencing a surge in investor interest, driven by its impressive profit potential. MoonTaurus Wins Investor Attention  MoonTaurus (MNTR) is emerging as a promising alternative in the crypto market. The token has moved from Phase 1 to Phase 2 of its presale, with its price already doubling from $0.005 to $0.01. Investors who secured…

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Filed under: News - @ August 16, 2024 2:10 am