Solana Price Prediction: SOL Faces Big Resistance at $200 as ALGT Token Presale Surpasses $3.5 Million
Solana (SOL) is heading towards $200, but several factors are preventing it from doing so. The major resistance the coin faced caused anxiety among Solana’s investor community, resulting in a sharp drop in the price of SOL.
Algoetch (ALGT) performed impressively in its pre-sale round, setting new milestones and captivating traders and investors with an attractive opportunity to invest in this promising project.
Solana faces resistance in crossing the $200 mark.
After Solana surpassed $200, it started to face significant resistance. This resistance caused Solana’s value to decline significantly. Nevertheless, the cryptocurrency market is in a positive mood thanks to Solan’s total value locked (TVL) increasing from $1.4 billion to $3.9 billion.
Expectations are growing for Solana’s mainnet (SOL), which is anticipating the launch of its cross-chain transfer protocol (CCTP). This launch is generating great positive sentiment towards blockchain.
The bearish pattern on-chain suggests caution as falling transaction fees and active addresses may impact market dynamics on Solana. While the recent bullish trajectory of the coin has been surprising, the imminent threat of a price correction still remains.
Do you have any questions? The decline in active addresses from 1.61 million to 1.33 million and the decline in new addresses appearing on the network is raising concerns about declining user engagement.
Solana price prediction
As Solana breaks through the $200 resistance, there is speculation about its future developments. With SOL’s recent trading volume growth trend exceeding $12 billion, the coin is likely to see notable gains in 2024.
Solana’s current trading price is hovering around $185, which seems like an insurmountable barrier. Statistically, the project has seen an impressive growth of over 70% in the last month alone.
Moreover, a notable drop in SOL’s transaction fees from $5.08 million to $2.07 million could have a negative impact on buyer enthusiasm. Lower transaction fees provide more leverage to sellers, which can influence the market dynamics of a coin.
Solana’s long/short ratio signals increasing bearish sentiment, with around 54% suggesting a price decline. These changes reflect a degree of uncertainty about Solana’s immediate future and warrant a balanced approach to its investment strategy.
Algotech has surpassed $3.5 million in presales and announced a $250,000 giveaway.
After raising $3.5 million through an ongoing presale and amassing over 10,000 unique holders, Algotech announced a historic giveaway to celebrate its progress. The project is giving away $250,000 in ALGT tokens to 10 lucky winners.
Algotech (ALGT) offers a cutting-edge algorithmic toolkit that includes hedging, exit detection, mean reversion, and bulk arbitrage. These innovative features are created to empower traders through the complexities of the markets.
Analysts have expressed optimism about the future of the project as investors rush to participate at the current price level of $0.08. This price is expected to increase to $0.10 in the next round.
Learn more:
Visit Algotech Presale
Join the Algotech Community