Solana, which was one day, the third largest encrypted currency according to the market value after Bitcoin and Ethereum, declined to less than the first -time price level in nearly three years.
On March 11, Sol decreased to about 8 % lower than its achieved price of $ 134, another level seen on March 9.
This represents a major transformation of the distinctive symbol, which has witnessed both sharp communities and declines in recent years.
source: Coinmarketcap
The achieved price is the average price in which the symbols were moved or purchased last time.
When the original is less than this threshold, it indicates that a large part of its holders is now confused, after they bought their symbols at higher prices.
The last time Solana faced a similar decrease to its low price in March 2022, when she entered a long trend for a long time before recovery in November 2023.
Despite the occurrence of brief declines in the past, such as the sub -decline $ 2 in November 2020, the current decline is revealed amid twice the broader market.
Solana decrease and market sale
Solana prices do not fall in isolation.
The broader encryption market is witnessing a large -scale sale, which contributes to the downward pressure on the Sol.
Blockchain analytics company shows that the price may move alongside the low feelings throughout the industry.
#Solana It has just decreased below its price for the first time in nearly 3 years. currently, $ Sol The price is $ 124 – about 8 % lower than the price achieved of $ 134: Glassno.de/4HMT36H
Another major factor behind Solana’s conflicts is a sharp decrease in network revenue.
According to DolamaThe daily fee revenues on Solana Blockchain fell to about $ 420,000, which represents a 90 % decrease in its peak in January, when Sol was trading at $ 250.
This decrease in revenue coincides with a slowdown in Memecoin’s activity, which prompted a large trading volume early in the year.
The decrease in transactions fees indicates a decrease in demand for the network, which may increase the increase in the Sol price.
Historical trends cause uncertainty
The date of Solana’s prices indicates that the decline below the level of price achieved does not always lead to long trafficking.
However, the previous cases of falling under this threshold have been met with multiple decreases before weeks before recovery.
Another significant decrease occurred in early 2022, followed by a long phase of Haboodiya before Seoul climbed back above the price achieved in late 2023.
Market participants are still not sure whether this trend will repeat itself.
Unlike the previous cases, the current deflation of Sol is in line with the market weakness or the widest fees revenue, creating a more challenging environment for recovery.
Nevertheless, the encryption market was historically volatile, as it often followed a sharp rebound ball.
The Gulf and Cutting scenarios
In the future, analysts remain divided into the Solana path in the long run.
In October 2023, Vanck Asset Management Company Approach an evaluation form Prediction that Sol can have a 10,000 % increase in value by 2030, assuming that Blockchain reaches 100 million users.
Under this optimistic scenario, Solana’s price can exceed $ 3,200 by the end of the contract.
However, the report itself also defined a landmark, as Sol can be traded to $ 9.81 if the adoption runs and increases competition.
the The current decrease is less than its achieved price It may indicate the increasing declining emotions, but the long -term look will depend on factors such as network adoption, technological progress and macroeconomic conditions.
Solana performance will be seen in the coming weeks closely by merchants and investors to determine whether he can recover higher levels or if there are other declines on the horizon.
As of now, the distinctive symbol faces pressure from the internal and external market forces, making its next steps very unconfirmed.
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