Main Takeaways:-
- Solana has lost its position in the rankings because its total market value fell to $52 billion.
- Positive feelings about the Pump.Fun Livestream update might help Solana’s (SOL) price recovery.
- Key network developments may also increase prices.
The new week is starting off badly as Solana (SOL) and other cryptocurrencies are falling fast. The issue with Trump’s tariffs is affecting not only crypto and altcoins but also regular financial markets.
SOL has lost 16.27% of its worth to trade at $100.32, indicating a 40% drop in value over the previous year. Solana’s price has kept falling because of negative market pressure, moving down together with the overall crypto market and Bitcoin price action.
This drop has caused the coin to fall from its position as the fifth-largest cryptocurrency by market capitalization to Binance Coin (BNB). As Solana rested on the 7th spot by market cap, it showed that SOL had lost its market position during the ongoing bear market struggles.
Solana Price Market Outlook
Before holding at its present price, Solana fell as low as $96.58, indicating the first such decline from February 2024. At the reporting time, SOL is standing as the seventh-largest cryptocurrency according to the market data, with $52.21 billion in worth.
Solana’s big drop under the psychologically important $100 mark comes during a big market sell-off of risky assets. This sell-off was caused due to trade tensions between the United States and its primary trading partners.
According to the market reports, Solana’s 24-hour trading volumes have risen by 290%. This means that traders and investors are still participating in the market, even though there is an overall unclear situation.
According to the CoinGlass data, it clearly shows that over $64 million value of long positions on SOL have been sold within the previous 24 hours.
Other indicators are showing a downward trend as the overall market mood is fearful. On the 4-hour chart for SOL, the Bollinger Bands indicate high price fluctuation and that the coin may be in an oversold situation.
The bands are increasing downwards as the price moves under the lower band. Given the current situation, the coin might experience a short-term price increase.
Its Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) indicators indicate an oversold status during a strong downward crossover.
Pump.Fun Livestream Reintroduce and Significance
The downward trend is a sector-wide issue, particularly with Bitcoin (BTC) going under $77,000. Altcoins like Ethereum (ETH) also dropped under $1,500, and at present, Dogecoin (DOGE) is trading at $0.1385 after a 15.63% financial gain or loss.
On the other hand, experts and market watchers are hopeful that Solana’s price may bounce back in no time. They are hopeful about the future of Pump.Fun is a popular platform for launching Solana meme coins.
Key Solana Events That Could Shift Market Sentiment
In addition to the Pump.Fun platform rebranding, some events and partnerships could also increase the price of SOL. Colosseum released the Solana Breakout Hackathon, with applications due by May 16th.
Financial service makers PayPal and Venmo currently made it possible for users to buy, sell, hold and transfer directly into their wallets.
This step shows that the payment companies are still working to widen into the cryptocurrency market.
Read also:- XRP Price Might Drop Below $1.80 Before Bouncing Back – XRP Price Predication
Disclaimer: We at Bitcoinik.com present you with the latest information in the crypto market. However, this information should not be regarded as financial advice, and viewers should consult their financial advisors before investing.
