Solana

Rise

Amid a wider market decline, the <a href="https://bitcoinist.com/paypal-solana-blockchain-for-pyusd-integration/" target="_blank" rel="noopener ">Solana blockchain</a>, one of the leading blockchain platforms known for its fast and inexpensive transactions, has fallen to a 45-day trading low. This has triggered quite a frenzy within the crypto community, with several proponents uncertain of the asset’s next short-term trajectory. 
<h2 id="solana-underperforms-major-cryptocurrency-assets">Solana Underperforms Major Cryptocurrency Assets</h2> 
Trading platform and crypto analyst TOBTC <a href="https://x.com/_TOBTC/status/1803043476013289833" target="_blank" rel="noopener nofollow">shared</a> the negative development on the X (formerly Twitter) platform. According to recent trading data cited by the expert, the blockchain has drastically declined, which is indicative of a major drop in investor trust in the cryptocurrency industry as a whole. 
The platform noted that Solana fell to a 45-day low, with an additional 24% reduction since June 7, underperforming the larger cryptocurrency market. The Data shared by the platform shows that the <a href="https://bitcoinist.com/solana-network-forces-binance-to-halt-withdrawals/" target="_blank" rel="noopener ">Solana network</a> has fallen significantly behind major networks like Ethereum, Arbitrum, BNB Chain, Polygon, and Optimism, among others. 
<img loading="lazy" decoding="async" class="wp-image-306343 size-large" src="https://bitcoinist.com/wp-content/uploads/2024/06/TOBTC-Solana-Chart.jpg?resize=980%2C612" alt="Solana" width="980" height="612" srcset="https://bitcoinist.com/wp-content/uploads/2024/06/TOBTC-Solana-Chart.jpg?w=1087 1087w, https://bitcoinist.com/wp-content/uploads/2024/06/TOBTC-Solana-Chart.jpg?w=640 640w, https://bitcoinist.com/wp-content/uploads/2024/06/TOBTC-Solana-Chart.jpg?w=768 768w, https://bitcoinist.com/wp-content/uploads/2024/06/TOBTC-Solana-Chart.jpg?w=980 980w, https://bitcoinist.com/wp-content/uploads/2024/06/TOBTC-Solana-Chart.jpg?w=750 750w" sizes="(max-width: 980px) 100vw, 980px" data-recalc-dims="1"> 
This decline occurs when macroeconomic uncertainties and traders’ cautious attitudes are causing the digital asset market to experience greater volatility and selling pressure. For SOL, which has suffered a decline in price from its previous highs, the 45-day low represents a turning point that has raised concerns about the crypto asset’s near-term prospects.&nbsp; 
TOBTC attributes this decline to a combination of broader market weakness and particular difficulties the network is experiencing. These include reduced on-chain activity, lack of demand for leveraged positions, and competition from other smart contract-focused blockchains.&nbsp; 
Without heightened demand or institutional backing, the platform claims SOL’s valuation might persist in decline, possibly surpassing the pivotal $130 support level or less. 
<a href="https://bitcoinist.com/solana-etf-hopes-big-damper/" target="_blank" rel="noopener ">SOL</a>‘s inability to sustain an upward trajectory and overcome significant resistance levels might also be attributed to the drop. SOL has lost its backing, falling from the $161 price to around $138 in the past week. However, the crypto asset has attracted positive price sentiment today, demonstrating strength for more gains. 
<h2 id="sol-poised-for-substantial-rise-in-autumn">SOL Poised For Substantial Rise In Autumn</h2> 
Despite this negative development seen with <a href="https://bitcoinist.com/solana-surpasses-ethereum/" target="_blank" rel="noopener ">Solana</a>, a well-known cryptocurrency expert and Chief Executive Officer (CEO) of Real Vision, Raoul Pal is still bullish about a potentially massive rally for SOL in the short term.&nbsp; 
On Tuesday, Pal offered an exciting <a href="https://x.com/RaoulGMI/status/1803009317823451498" target="_blank" rel="noopener nofollow">prediction</a> for the digital asset, citing the current price as a good entry zone for investors interested in getting into the market. “If you wanted a cheeky top-up of your SOL position, this would likely be a good entry zone,” he stated. 
Pal, in his bullish forecast, compared the potential growth of SOL to bananas that are now beginning to mature. As a result, he is confident that the digital asset during the upcoming autumn season should be magnificent. 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/ThrXgVm2/" alt="Solana" width="2283" height="1265">

Solana (SOL) Sinks To 45-Day Low Amidst Market Downturn, Here’s Why

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Bitcoinist

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