In the last seven days, Solana’s native $SOL token has fallen 8.8%, placing it below the psychologically important $150 threshold since the start of the week, which the token has subsequently struggled to regain.
In the last 24 hours, $SOL’s price has retreated by about 1%, which makes for a poorer overall performance than Bitcoin ($BTC) and Ethereum ($ETH), the two market-leading layer 1 cryptocurrencies that Solana is trying to flip.
The $1.17 trillion market cap world’s favourite, Bitcoin, shed 0.4% overnight, but is about 1% more valuable than it was this time last week. It currently trades at $59,472.
Meanwhile, Ethereum, the biggest blockchain for Web3 commerce (and Solana’s main rival in that respect), remains virtually unchanged from its price yesterday at $2,668, however it added 6.4% in the last seven days, making it the best performing asset this week among the big 3 layer 1 coins.
Solana Price Analysis
At its current price of $146, Solana is now closer to its six-month support level of $120 than it is to its six-month high of $193, indicated by the respective green and red lines.
Last Monday’s market crash bottomed the token at $110, but it recovered quickly after. Since the beginning of the Week, Solana has been trading sideways.
However, there are two positive indicators that it could imminently recapture $150. The first is a rising relative strength index (RSI) of 58, indicating more buying momentum than selling. The second is the fact that it’s currently trading above its 30-day moving average, in spite of this week’s headwinds.
As Solana Enthusiasm Cools, $SOL Holders Pivot to Shiba Shootout
As a market-leading layer 1, Solana is too well-established a token to post some of the blistering price rises that characterised crypto’s halcyon days.
Investors who want to recapture the gold rush are better off investing in some of the exciting presales right now. With staking functionality and rewards programs, many of them even offer multiple streams of revenue.
Shiba Shootout ($SHIBASHOOT) is one such venture. It’s a new Wild-West-style meme coin project that blasts some much-needed vitality and utility into the well-worn doge theme.
Early watchers say the token has what it takes to blow up once it hits exchanges later in the year.
At the heart of the gamification element lies the town of Shiba Gulch, a bustling Web3 settlement where the Shiba Shootout community gathers to undertake challenges, showdowns and meme sharing.
The strong social element combines with a unique multiple opportunities for players to generate rewards. This immersive, engaging and addictive Web3 social experience has 100x potential as the loftiest Dogecoin contender still only in presale, because there’s nothing else like it.
Pick it up at a fixed price of $0.0199 per token for the next seven days, before it rises to its last fixed presale price of $0.02. Investors can purchase $SHIBASHOOT with ETH, BNB and USDT, or they can pay via credit or debit card.
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