The latest whirl of the financial dervish has seen the cryptocurrency market slip a marginal 1.5% in the last 24 hours. The altcoin Solana (SOL) took a notable 6% plunge, pushing its value down to $23.39. Over the week and month, it shows a decline of 5% and 15% respectively. The fundamental cause of this downward trend is market-wide, spurred by speculative talk of the SEC pushing the Bitcoin ETF applications decision to 2024.
Notwithstanding, out of this gloom, SOL’s core financial strengths remain undoubted. To highlight its resilience in the current scenario, it should be noted that a tokenized version of Bitcoin was launched on the Solana blockchain just yesterday. Given this, enthusiasts could see SOL making a comeback, with potential repeated rallies later in the year.
SOL’s current trajectory, however, seems to be pointing downwards. A potential bottoming out could be some days away as key indicators stay in moderate positions. The altcoin’s relative strength index is transitioning below 50, opening up the possibility and space for it to slide towards, or even below 30. Over the upcoming days, the coin might experience further descent, perhaps nearing $22-$23. However, a note of optimism can be drawn from the sturdy performance of SOL’s support levels in recent past, which could indicate an upcoming upwards correction.
SOL has much to look forward to, thanks to the launch of the tokenized version of Bitcoin, tBTC (as it will be known), by the Threshold Network on Solana’s network. mirroring the potential usage of Wrapped Bitcoin (WBTC) on Ethereum, this move would allow Bitcoin holders to inject their Bitcoin value into multiple DeFi platforms and applications. Solana, despite a harrowed 2022, is on a growth trajectory with consistent network uptime and new launches.
While SOL has a favourable horizon ahead, substantial gains may still be a while away because it already has a solid hold in the market, which is currently swaying. However, a flock of promising presale tokens like LPX has emerged recently that are turning heads and wallets their way. One such promising entity is Launchpad.xyz, a universal Web3 platform that initiated a presale of its native LPX token recently and amassed upwards of $1.3 million already.
Launchpad.xyz offers an extensive suite of features including a trading terminal, a cryptocurrency-specific AI-driven search engine and even its own DEX. This ambitious multitude of offerings has caused the LPX presale to garner substantial attention. Besides, LPX tokens promise discounts on Launchpad’s fees and staking opportunities. A visit to the official Launchpad.xyz website might be interesting for those looking to invest at the current enticing price of $0.0445 per LPX. This could present a sterling opportunity considering the coming weeks might see LPX being listed on exchanges and an expansion of Launchpad’s offerings.
Source: Cryptonews
