Solana Price Prediction: SOL Drops 5% – Can It Outpace Other Smart Contract Platforms?

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The sentiment in the market has taken a bearish turn, pushing Solana into a downtrend trajectory. SOL is now facing a significant correction after its impressive surge during June and July, where its value doubled from $15.

Today August 18, SOL’s price has declined 5%, leaving room for further dips. Given this scenario, the notion of SOL outperforming other intelligent contract platforms may appear distant, especially if this downward trend persists.

However, amidst these circumstances, the market presents an intriguing opportunity for investors to seize the moment (buy the dip) and capitalize on a potential reversal.

Additionally, it sheds light on the potential of tokens in their presale stages. These tokens allow investors to acquire them at modest prices, which could yield substantial gains once they become tradeable on various cryptocurrency exchanges.

Solana SOL’s Market Performance Today

As of 06:53 AM EST, Solana is priced at $22.00. Over the last 24 hours, SOL dipped 5% and recorded a decline of 9.87% over the past seven days.

However, in the same period, its trading volume has surged past $663 million, showcasing a substantial 58% increase compared to the previous day.

SOL holds a support and resistance level at $20 and $22, respectively. These positions establish the boundaries of the downtrend channel, forming its lower and upper limits.

Should the bearish momentum persist, it opens the possibility of revisiting the $20 mark, as sellers might reenter the scene.

SOL has continued to lose its gains over the past three days, evident from the three consecutive red candles on the daily price chart.

The chart also reveals the dominating presence of the bears, placing the token’s price below the 50-day Moving Average and significantly in the sell zone, as displayed in the RSI of 40.51.

This position could pose difficulty to SOL’s price, hindering it from progressing, particularly with the MACD line sitting beneath the signal line. This setup is also backed by the multiple red bars formed on the histogram, indicating additional sell pressure on SOL’s price.

But amid the negative sentiment surrounding the token, there is a glimpse of hope from buyers. This is particularly true from the green candle forming today. Moreover, SOL encountered a significant support level at $20 yesterday and now sitting on the support from the 200-day MA.

Considering the strength in these indicators, SOL could see its price grow to the next resistance level at $22, overcoming the pressure from sellers.

However, this prediction could change given that SOL’s price remains subject to sudden fluctuations, raising the need for additional research.

Solana Stands a Chance to Excel in the Long Run

The assets deployed on Solana have exceeded a staggering $6.5 billion, a testament to its solidity and maturity. Millions of transactions occur daily, maintaining a rate of over 4,000 per second.

Solana’s reputation as a dependable network in cryptocurrency is well-established, as it hosts prominent ventures such as Serum, Slope, Star Atlas, and Audius.

The pace of its expansion has been nothing short of meteoric. Interestingly, Solana’s daily transaction processing outpaces Bitcoin and Ethereum significantly. These indicators point to its robustness and suitability for real-world applications.

Solana’s Adoption Among Institutions

Solana has welcomed several ventures to its ecosystem, surpassing the 500-project milestone, while notable institutions actively integrate into its network.

2021 witnessed a momentous milestone when Solana Labs secured a remarkable $314 million in funding, drawing support from esteemed investors like Polychain Capital, Andreessen Horowitz, and Alameda Research.

The acknowledgment from the Bank of America further adds to Solana’s distinction, labeling it an “Ethereum killer.”

Beyond mere speculation, the adoption of Solana’s technology by JP Morgan for banking purposes and more underscore the network’s maturity and capacity.

These developments involving multinational corporations firmly establish Solana’s readiness for mainstream utilization, which could further impact its future price trajectory.

Solana Alternative – Chimpzee

Chimpzee (CHMPZ) has made rapid strides, achieving significant landmarks in its journey. As it embarks on its 9th presale phase, the project has garnered an impressive $1.2 million in funding.

Moreover, the Chimpzee token extends a distinct opportunity for investors to partake in a collective endeavor that amplifies the token’s rarity and potential for growth.

The roadmap outlines a clear path involving burning 1 billion tokens at each 200,000 milestone. This approach grants participants exclusive bonuses linked to their investments and empowers them to partake in shaping the token’s value trajectory.

At its core, Chimpzee transforms traditional charitable contributions by enabling individuals to earn as they contribute. Furthermore, the platform raises consciousness about critical matters such as animal conservation, deforestation, and environmental issues.

Early backers of Chimpzee stand to reap a substantial 100% bonus during the initial sale. The project prioritizes user convenience by abstaining from imposing extra charges or levies during transactions.

CHMPZ tokens can be acquired at the current rate of $0.00085, presenting an appealing opportunity.

With only hours remaining in stage 9, the value is anticipated to ascend to $0.00095, and this upward trajectory is projected to continue until it culminates in a peak price of $0.00185 upon listing on prominent exchanges.

It’s easy to participate in Chimpzee and secure the CHMPZ tokens. Log on to the Chimpzee website and link your wallet to swap your ETH or USDT for CHMPZ tokens. Alternatively, you can make direct purchases using your bank card.

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