- The Solana Foundation has powered a four-day offline event, offering in-person guidance from Solana Labs engineers.
- Solana price continued to bleed, posting 14% losses over the past two weeks.
- Crypto Twitter speculates OpenSea’s integration with Solana, fueling a bullish sentiment among investors.
Solana, considered an Ethereum-killer, continues to decline despite the launch of a hacker event in Seoul. Analysts continue to remain bearish on Solana price.
Solana Labs powers Seoul Hacker event
The Solana Foundation powered a four-day offline event with in-person guidance from the core Solana Labs engineers. Solana has offered mentorship for attendees and during the event, engineers offer informative educational programming around DeFi, NFTs and how to get started on Solana.
Advice and support from core Solana Lab engineers could help projects get started on the blockchain. Despite kicking off the event, Solana price failed to recover from the slump.
What will you build?
— Solana Hacker House | London June 14-18th (@hackerhouses) June 10, 2022
Register now for the @solana x @jump_ Hacker House in Seoul this summer!
August 3-7th, 2022https://t.co/xFrYFeVS9B
Before the Seoul event, there was a Web3 coding camp awards ceremony that Solana powered in Vietnam. Events have fueled a positive outlook in the Solana community.
Solana continues to bleed, posts losses
Analysts have evaluated the Solana price chart and believe the altcoin is one slide away from a 40% decline. Solana’s breakdown could result from the descending triangle pattern in the altcoin’s chart. Solana price has consolidated inside the triangle and the bearish trend could continue.
Azeez Mustafa, a crypto analyst argued Solana price is moving sideways and the altcoin remains below the 9-day and 21-day moving averages and SOL could continue to plummet below $34.
SOL-USD price chart
Solana price reached its all time lows on the RSI recently. The last time Solana was at this RSI level, it witnessed prolonged selling pressure and was followed by a trend reversal. However, Solana price has hit a historical demand area and is going through a period of prolonged sell-side pressure on volume.
Solana is approaching the demand area and the altcoin could witness high levels of seller volume. Analysts believe Solana price could flip to the top of the purple box into new resistance and promote further consolidation.
SOL-USDT chart
FXStreet analysts believe Solana price has lost its bullish potential due to network outages. For more information, check this video:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Bitcoin Weekly Forecast: BTC nosedives below $95,000 as spot ETFs record highest daily outflow since launch
Bitcoin price continues to edge down, trading below $95,000 on Friday after declining more than 9% this week. Bitcoin US spot ETFs recorded the highest single-day outflow on Thursday since their launch in January.
Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers
Bitcoin (BTC) slipped under the $100,000 milestone and touched the $96,000 level briefly on Friday, a sharp decline that has also hit hard prices of other altcoins and particularly meme coins.
Solana Price Forecast: SOL’s technical outlook and on-chain metrics hint at a double-digit correction
Solana (SOL) price trades in red below $194 on Friday after declining more than 13% this week. The recent downturn has led to $38 million in total liquidations, with over $33 million coming from long positions.
SEC approves Hashdex and Franklin Templeton's combined Bitcoin and Ethereum crypto index ETFs
The SEC approved Hashdex's proposal for a crypto index ETF. The ETF currently features Bitcoin and Ethereum, with possible additions in the future. The agency also approved Franklin Templeton's amendment to its Cboe BZX for a crypto index ETF.
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy
Bitcoin (BTC) price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot Exchange Traded Funds (ETFs) in January and the reduced supply following the fourth halving event in April.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.