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Solana (SOL) Plunges Below $100 Amid Market Turmoil, Falls to 7th Position
The cryptocurrency market has been experiencing a tumultuous period, with many assets plummeting in value. Solana (SOL) is no exception, having dropped below the crucial $100 mark amid the ongoing market crash.
At press time, SOL trades at around $98, marking a significant decline from its previous high. The altcoin’s market capitalization has also taken a hit, with it currently ranking 7th among all cryptocurrencies.
Despite the downturn, some analysts are highlighting potential buying opportunities. In their analysis, they point out that Solana’s price is close to its historic low, and investors may be able to pick up SOL at an attractive discount.
Moreover, we’re seeing a notable difference in the market sentiment around Solana compared to other cryptocurrencies. While many assets have been rejected from their recent highs, SOL has actually seen a moderate increase in buying interest.
Investors could face resistance near $108, with a breakout above that potentially leading to $120. However, if SOL continues to see selling pressure, key support lies at $92 and then around the $88 level.
It’s worth noting that Solana’s long-term outlook remains uncertain, as market conditions can change rapidly. It’s essential for investors to stay informed and up-to-date on all developments in the cryptocurrency space before making any decisions based on this information.
In related news, a whale recently staked 71,318 SOL, over $7.6 million, despite facing unrealized losses. This move could indicate that some holders are still confident in Solana’s future potential.
Additionally, an analyst forecast by Bitwise projects Solana’s price to reach as high as $6,000 by the year 2030.
Source: https://www.coinspeaker.com/solana-drops-below-100-down-to-7-position/
