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Solana Fell Behind USDC: Can SOL Survive the Selloff?
In a shocking turn of events, Solana’s market capitalization has dropped behind USDC, a stablecoin. This development comes as the cryptocurrency market continues to grapple with uncertainty and volatility.
Over the past few days, Solana has been moving between $100 and $111, currently trading at $107. Despite this relatively flat performance, the token has still experienced significant losses, dropping 64% from its all-time high of $294 in mid-January.
The price action is eerily similar to Q3 2023 when SOL started a massive bull run from a local low of around $20. According to crypto analyst Ted Pillows, this could be an opportunity for Solana to rebound and potentially reach the $200 mark before correcting sharply below $50.
Another popular analyst, CryptoBullet, has also shared his take on the situation. He suggests that Solana’s price may follow a head and shoulder pattern, culminating in a massive correction below the $50 zone.
As the crypto market continues to be ravaged by uncertainty, it remains uncertain whether Solana can recover from its current plight.
Source: https://www.coinspeaker.com/solana-fell-behind-usdc-can-sol-survive-the-selloff/
