Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

Despite all the turbulence Solana [SOL] witnessed over the past six months, it remains a top-10 asset by market cap in the crypto sphere. This speaks volumes of investors’ and holders’ trust in Solana, dubbed the “Ethereum [ETH] killer” by some of its more ardent users. Even Ethereum founder Vitalik Buterin is an admirer of the protocol.

When the U.S. Securities & Exchange Commission’s (SEC) filed lawsuits Binance [BNB] and Coinbase [COIN] in early June, it labeled several altcoins, including SOL, as securities. Recently, even Buterin rued the manner in which the regulator is targeting projects like Solana.

Heading into 2023, SOL was hovering around the $10 support zone. It was already in the grips of a downtrend that stretched back to November 2021, back when SOL was trading at $200. Just as investors began anticipating further losses across the crypto-market in January, Bitcoin [BTC] climbed past $17k and shifted the shorter-term sentiment to bullish.

Solana benefited massively from this shift and recorded gains of 175% in 21 days. However, it could not breach the $26-$28 resistance zone, which has acted as support since June-November 2022.

Read Solana’s [SOL] Price Prediction 2023-24

Meanwhile, the on-chain analytics firm Messari Go to Source to See Full Article
Author: Suzuki Shillsalot

Did you like this?
Tip BTC Newswire with Cryptocurrency

• Bitcoin
• Bitcoin Cash
• Ethereum
• Litecoin
• Monero
• ZCash

Donate Bitcoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Bitcoin Cash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Ethereum to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Ether:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Litecoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Litecoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Monero to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Monero:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate ZCash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some ZCash:

Copy ZCash Address

[X] Click Here to Hide Donation Details