Reserve

Solana

Resistance

<p>SOL from Solana seems to be stumbling around $104, with a decline of 9.8% in three days, raising questions in the context of crypto competition. Solana’s robustness is being questioned despite its market cap of $45 billion, comparable to BNB. A week prior, SOL had declined from its peak at $126, sparking concerns about a bearish trend. While investors are closely monitoring Solana’s performance amidst technical challenges.</p> 
<h2 id="h-sol-from-solana-unwell">SOL from Solana, Unwell?</h2> 
<p>Recently, we have seen the Solana token climb to the top with <strong><a href="https://www.cointribune.com/en/?p=668895" target="_blank" rel="noreferrer noopener">a weekly rise of 15.34%</a>.</strong> Behind this success, Orca, Solana’s decentralized crypto exchange platform, has seen its weekly volume explode by nearly 50%. The steady growth of the native SOL crypto also comes from the <strong>growing enthusiasm for WEN</strong>, a memecoin based on the Solana blockchain. And from the <strong>increase in volumes on Jupiter</strong>, a decentralized crypto exchange. Interest peaked with the <a href="https://www.cointribune.com/en/crypto-solana-explodes-by-6-9-ahead-of-the-jupiter-airdrop/" target="_blank" rel="noreferrer noopener">JUP token airdrop scheduled for January 31</a>.</p>
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     <p lang="en" dir="ltr">Solana price dropped nearly 10% in the past 48 hours, but <a href="https://twitter.com/noshitcoins?ref_src=twsrc%5Etfw">@noshitcoins</a> says surging user activity is a positive for the network. <a href="https://t.co/GXIQt4Dc80">https://t.co/GXIQt4Dc80</a></p>— Cointelegraph (@Cointelegraph) <a href="https://twitter.com/Cointelegraph/status/1753149753435812161?ref_src=twsrc%5Etfw">February 1, 2024</a>
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  « <em>Solana’s price has dropped nearly 10% in the last 48 hours, but Marcel Pechman says that the increase in user activity is positive for the network.</em> »
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<p><strong>Solana (SOL) struggles to surpass $104</strong>, falling by 9.8% in three days and 10.7% in a month, as pointed out by <a href="https://cointelegraph.com/news/solana-sol-price-is-down-but-network-activity-reflects-strength" target="_blank" rel="noreferrer noopener">Cointelegraph</a>. Comparatively, Ethereum and BNB have decreased by 1.2% and 2.6%, respectively. This underperformance raises questions, especially with the robust fundamentals of the Solana network. Resistance at $104 might be related to the <strong>market cap of $45 billion,</strong> aligned with that of BNB. However, BNB Chain with $3.54 billion of total value locked (TVL) outperforms Solana with its $1.6 billion, according to DeFiLlama.</p>  
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<p>A week ago, <a href="https://beincrypto.com/solana-sol-price-break-down/" target="_blank" rel="noreferrer noopener">BeInCrypto</a> reported that <strong>the SOL crypto had declined from its peak at $126 on December 26, 2023</strong>. Daily and six-hour charts indicate a bearish trend. However, a recovery from the triangle support line could reverse the trend. SOL’s price has deviated from a 100-day ascending trend line and a short-term symmetrical triangle, breaking through a Fibonacci support zone. The daily RSI showed a downward trend, suggesting selling pressure. Investors are closely watching market dynamics, wondering if Solana will maintain its resilience in the face of current technical challenges.</p> 
<h2 id="h-crypto-in-peril-us-regional-banks-shake-up-the-markets">Crypto in Peril – US Regional Banks Shake Up the Markets</h2> 
<p>Markets, including cryptocurrencies, are faltering in the face of <strong>risks emanating from U.S. regional banks</strong>. The Federal Reserve (FED) keeps rates unchanged at 5.25%, putting pressure on the crypto industry. Investors fear the <strong>worsening crisis among regional banks</strong>, exposed to pressures from yields lower than current rates. The New York Community Bancorp, after acquiring the crypto-friendly Signature bank, has lost 42% since the end of January, marking a loss of $260 million in Q4 2023.</p> 
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<p>On his part, BitMEX founder, pro-Ethereum Arthur Hayes, expects an initial negative impact on bitcoin. But a secondary positive effect on cryptos with rising inflation expectations.</p>

Crypto Solana: Between triumph and stumble, the mysteries of SOL revealed!

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