Solana Price Drops as Altcoin Market Falters; Is It Too Late to Buy SOL?

Solana (SOL) has had a tough time in the crypto market over the past few days.

Amid a broader altcoin decline, SOL’s price has dropped just over 4% and is now trading below $100.

This article takes a closer look at Solana’s recent price action and discusses whether or not it’s too late for investors to buy SOL in 2024.

Solana Struggles As Broader Crypto Market  Shows Weakness

SOL’s 4% loss makes it one of the worst-performing established altcoins this week, alongside rivals like XRP (XRP) and Cardano (ADA).

The token is down nearly since last Thursday, with its market cap dropping to $42.6 billion.

Since yesterday, trading volumes are actually up 14%, making SOL the 6^th most-traded cryptocurrency globally.

This volume uptick is at odds with the bearish sentiment in the broader crypto market following the launch of spot Bitcoin ETFs two weeks ago.

Although the launch of these ETFs was meant to be a positive catalyst for investors, the reaction has been underwhelming so far.

Bitcoin has plunged to $42,360, and most altcoins have struggled to remain in the green.

This has been no different for Solana, which looks to be in the process of creating a lower high on the daily time frame.

Moreover, SOL is testing the 50-day exponential moving average (EMA) as support on the 4-hour time frame – and if this breaks, further downside could be on the cards.

Is It Too Late to Buy SOL As Price Continues to Fall?

As Solana keeps dropping amid the altcoin selloff, investors may wonder if the opportunity to buy SOL at a reasonable price has already passed or if there is still potential upside.

On the one hand, SOL is up 468% since September and has already seen massive gains.

With the token’s price hovering around the psychologically important $100 level, SOL may now seem expensive compared to its lows below $18 last year.

Some traders likely took profits during the early part of this week, leading to the question of whether long-term sentiment has flipped bearish towards SOL.

However, when analyzing SOL’s potential, it’s clear there are still catalysts on the horizon that could fuel further upside.

For example, Solana continues to see surging developer activity, a sign of growing adoption.

A recent report from the Solana Foundation highlighted that the network has more than 2,500 monthly active developers – sometimes reaching as high as 3,000.

So, while Solana has suffered from the altcoin selloff this week, there may still be an opportunity for investors who are happy to buy and hold SOL for an extended period.

Which Other Altcoins Are Performing Well This Week?

While Solana has been one of the worst performers this week, a handful of other altcoins have generated positive momentum.

One such altcoin is Bitcoin Minetrix (BTCMTX), a presale project that has recently passed the $8.7 million funding milestone.

Bitcoin Minetrix Continues Impressive Presale Momentum Ahead of Looming Exchange Listings

While the broader market has slumped recently, Bitcoin Minetrix has continued gaining ground, raising hundreds of thousands this week alone.

Investors worldwide have been taking part in the Bitcoin Minetrix presale, a limited-time event where the native BTCMTX token is available at a discount.

At the time of writing, BTCMTX tokens are on offer for $0.0129 – although this price point will rise in the next stage, which is due to start in two days.

Once the Bitcoin Minetrix presale ends, the developers plan to list BTCMTX on several exchanges to offer broader access.

Members of the Bitcoin Minetrix community are already speculating that these listings could be the key to unlocking enormous price growth for BTCMTX.

These features all revolve around streamlining the crypto-mining process through a mechanism called Stake-to-Mine, which removes the need for expensive computing hardware.

Given that the global crypto mining market is projected to grow by almost 8% per year between now and 2029, Bitcoin Minetrix’s setup could be in high demand.

For that reason, investors have been buying BTCMTX tokens in anticipation – making it one of the highest-performing coins in the market this week.

Prospective investors can buy BTCMTX tokens through the project’s official website using ETH, USDT, or a credit/debit card.