Solana is bearish today. In the last 24 hours, SOL has plunged by around 6%, and it was trading at around $12.09 at the time of writing. Solana is down 57% in the past month, with the token’s losses stemming from the collapse of FTX.
Solana price analysis
Solana has traded between $11.68 and $13.14 in the last 24 hours, indicating mild volatility. While volatility is dropping, Solana bears have persisted, given that the token is still dropping following the collapse of FTX, whose founder and former CEO, Sam Bankman-Fried, was a major supporter of Solana.
Solana will likely continue with this bearish trend, given the lack of buyer and market support. In the last 24 hours, the global cryptocurrency market capitalization has dropped to around $838 billion.
If Solana continues this bearish trend, it will likely lose support at $11 and plunge to $0. Losing hold of $10 could result in a significant downtrend for Solana. At the current price, Solana is down 95% from its all-time highs.
The price of Solana seems to be attracting investors buying the dip. The price drop to $11 attracted buyers accumulating more tokens during the dip. The relative Strength Index (RSI) shows this rise in buying support, which could result in Solana gaining past $12.50 in the short term.
Solana founder unveils major blockchain update
Despite the dropping prices, the team behind Solana seems to be committed to ensure that the ecosystem is growing. The co-founder of Solana, Anatoly Yakovenko, has urged validators to update to the latest node version, 1.13.5. According to Yakovenko, this upgrade will fix the outages on the Solana blockchain.
The Solana blockchain has suffered several outages this year, which has resulted in criticism of the network by the crypto community. If these outages are fixed, it could boost the adoption of the Solana blockchain and trigger a notable uptrend.
Two altcoin alternatives to buy today
As the price of Solana drops, investors are looking for the next cryptocurrencies they can buy to derive significant gains. Some of the two best altcoins you should consider buying today are Dash 2 Trade and IMPT.
Dash 2 Trade (D2T)
Dash 2 Trade is one of the tokens in high demand right now. The presale for this token is barely a month old, and so far, more than $6.7 million has been raised. The D2T presale is currently in stage three where 1 D2T is $0.0513.
Dash 2 Trade is a platform providing crypto trading signals to enable profitable trades. This platform will be officially launched in Q1 2021. Dash 2 Trade will be like the Bloomberg Terminal for crypto and a helpful tool in periods of crypto volatility.
The other presale that investors are also participating in is for IMPT. IMPT is the native token for the Impact Project. The token is seen as one of the greenest cryptos due to its focus on lowering carbon emissions.
The IMPT presale is currently in the second stage, where 1 IMPT is $0.023. This presale has already raised more than $13 million.
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