Solana price could crash to $18.50 as SOL participants tanks by 60%
|- Solana price is no longer primed for a big breakout toward $26.
- SOL reveals it is struggling to stay afloat in the Metaverse.
- With many telling negative numbers on active wallets, SOL bulls will continue the exodus.
Solana (SOL) price was once primed to be the Comeback Kid for altcoins as traders were looking for the next best thing to put their money in. At the beginning of the year, Solana made the cut for that but has recently seen interest fading. Recent numbers revealed that the number of active wallets had dropped by 60% in the Metaverse, despite several efforts.
Solana price only now starts to feel the bite of the FTX collapse
Solana price looked to be a safe space for altcoin traders as it appeared to be reasonably immune to the fallout of FTX. With a quick lead recovery, SOL was primed to become the next best thing to invest in next to the majors like Bitcoin, Ether or Ripple. Unfortunately, that pole position is now being removed from Solana as the altcoin is struggling in the Metaverse.
SOL recently reported that the number of active wallets in the Metaverse has declined by 60% over the past three months. Expect this to eat into the trust and cash allocated into SOL by investors with a break of the pivot level near $20.38 soon appearing. Once that gives way, a 12% drop will be at hand as SOL price tanks toward $18.66 with a 12% loss.
SOL/USD 4H-chart
As altcoins and cryptocurrencies continuously evolve, it is just a matter of time before Solana programmers can roll out the next program or upgrade that could shake up the DeFi market to their advantage. Solana would become the talk of the crypto town again and see its valuation quickly spiral higher. This is possibly repetitive a bit, but $26 will be put forward again as the best profit level nearby with a 20% gain from the current price.
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