Cryptocurrency
Solana's Struggle to Break $145 Barrier
Saturday. July 13 at 9:30 AM
1 min. readSOL (SOL), the native token of the Solana network, has been facing challenges in surpassing the $145 mark since July 3. This lackluster performance is attributed to waning investor interest in cryptocurrencies, leading to a 5% drop in the overall market capitalization of the sector within nine days. Despite this, SOL lagged behind its counterparts from July 3 to July 12, experiencing a 7.8% decline, while BNB (BNB) and Ether (ETH) saw a 6.5% decrease during the same period. Concerns loom over SOL's bearish trend persisting, even if the broader crypto market rebounds. However, on-chain data and SOL's derivatives suggest a potential reversal, hinting at a bullish rally above $160. Some Solana SPL tokens performed poorly, contributing to reduced demand for SOL. Despite challenges, SOL remains the fourth largest cryptocurrency by market capitalization, showcasing resilience amidst market fluctuations.