Solana (SOL) Risks a Catastrophic Slide to Lower Lows At Current Price Range

Solana is the cryptocurrency with a vision of becoming “the backbone to decentralized applications on blockchain” that used artificial intelligence, machine learning and other technologies. The project recently suffered from a drop in price as it was trading at $0.26 during October 7th-8th after being valued at over $1 in early September 2018

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The “solana sol crypto price prediction” is a potential risk for the cryptocurrency that has been present since its release. The market cap of the coin is currently at $2,853,722,000 and it’s trading at $0.0177.

May has been a tough month for crypto markets, with prominent cryptocurrencies seeing massive price drops of up to 80%. SOL, Solana’s token, is one of the layer one coins that has suffered significant losses in recent days. The alt has lost over half of its value in the previous three weeks, according to market statistics, and experts warn that it may print even larger red candles before the end of the month.

Solana might make lower lows as a result of the current pessimistic attitude.

Following a short slide to a daily low of $40.27, Solana was flirting with familiar territory of $42.75 at the time of writing. Over the last three days, the token has stabilized between $40 and $50, with attempts to break through support at $55 proving ineffective. Because of the degree of uncertainty in the global markets and the building of selling pressure in this tighter range, market behavior implies that SOL might be on the verge of a regression.

Solana-SOL-Risks-a-Catastrophic-Slide-to-Lower-Lows-At

30-day trading chart for SOL/USD

The token’s present failure to maintain upward momentum will stymie recovery efforts and drive this probable meltdown. A successful recovery of $55 and stability above this level, on the other hand, invalidates this setup, putting early May prices in focus as the next objectives. Because of this breakout scenario, the current SOL/USD value is a good entry opportunity for short-term traders.

In order to improve Web3 accessibility, the Brave browser has integrated Solana.

Solana verified the incorporation of its open-source blockchain into the Brace private browser in its current version 1.39 desktop release through an official post published earlier this week. Last November, at the Breakpoint conference, Solana made these ideas public.

Although Brave already supports Ethereum, there have been reports of high gas costs and poor performance due to network congestion. By combining with Solana, the browser allows users to explore Web3 while also lowering transaction costs and processing speed compared to Ethereum. Brave users will be able to store SOL and fungible SPL tokens in their wallets as a result of the partnership. Through Wormhole and EVM-compatible blockchains, Brave’s BAT coins may also be utilized on Solana.

Partnerships between Ramp and Magic Eden

The firm behind the browser, Brave software, is taking a number of steps to boost Web3 accessibility. The tech firm also announced the integration of Ramp, which will allow users to buy bitcoin directly from their web wallet. The integration seeks to save customers time and effort when converting fiat cash to cryptocurrency.

Brave also announced a partnership with Magic Eden, a Web3 ecosystem built on NFT, to expand BAT token and NFT utility support. Magic Eden is the most popular Solana-based NFT network at the moment; it’s like OpenSea for Ethereum. This broadens BAT adoption by allowing more users to purchase Solana NFTs with the Brave token.

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The increasing number of collaborations is in keeping with the organization’s goal of defining a brighter future for Web3. The new enhancements, when combined with the Brave wallet extension, which was originally marketed as a safe on-ramp tool instead of installing hazardous crypto wallet extensions, provide the benefits of improved performance, asset security, and multi-chain usability.

The newest snag for Solana is that the blockchain clock is out of sync with real-world time.

The Solana team posted a status update yesterday, stating that its blockchain clock was around 30 minutes behind real-world time. On-chain time drift was caused by slower slot timings, according to the network. While this latency has no impact on network or market activities, it does contribute to the outage fears surrounding Solana. At the time of publication, the team had not supplied another update.

Visit our Investing in Solana guide to learn more about the area.

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