Is Solana Going to Zero? SOL Price Drops 5% and New Bitcoin Project Approaches $100,000
Solana (SOL) is defying expectations, as SOL price action continues to tumble despite bullish fundamental news following Visa USDC integration.
The tumultuous price action comes following the announcement that payment-processing giant Visa will be expanding their USDC Stablecoin Settlement pilot program across to Solana.
2/ Visa’s addition of the Solana blockchain follows months of extensive research and evaluation of infrastructure that helps bring:
— Solana (@solana) September 5, 2023
⚡Speed of finality
🪙Negligible costs
⏫High throughput
🗺️Decentralization
Read more from @FortuneMagazine: https://t.co/4oGU3yR0F0
The move is tipped to unleash ultra-high speed transactional throughput, with the added bonus of huge transactional tax reductions.
SOL Price Analysis: Is Solana Going to Zero?
Following the huge announcement for the ecosystem, Solana is currently trading at a market price of $19.46 (representing a 24-hour change of -0.86%).
This comes as Solana continues to battle a hard ceiling of localised resistance from the 20DMA, which has suppressed upside price movements for 23-days since August 15.
Unable to push-up through descendant resistance, SOL has instead faced a tough grind-down -23.4% over the same time period.
Worse still? The tumbling price action comes at a technically vulnerable moment in the charts, just 5-days after a dreaded ‘death-cross’ pattern emerged on the chart.
A death-cross is a bearish technical indicator, which suggests price faces downside on the short-time frame, after the 20DMA crashed through the 200DMA.
With Solana trading below both the 20DMA and 200DMA – any upside move from here will face a severe degree of resistance.
This is especially worth noting when we consider that despite the incredibly bullish Visa stablecoin integration announcement, Solana only saw modest gains of +8%, which was almost instantly retraced.
SOL’s indicators provide some relief, Solana’s RSI remains cool and calm in a technical oversold signal at 38.9 – suggesting price structure could induce upside moves on the short-time frame.
While the MACD has switched to minor bearish divergence at -0.013 in testament to the limited upside momentum.
Overall, Solana appears technically weak here – trapped under combined moving average resistance, in the aftermath of a death-cross, with big news doing little to shift price.
Solana’s upside target is limited to the 200DMA at $21.30 (a potential +9.7%).
And to the downside, SOL is facing a risk of falling to $18.30 (a possible -5.75%).
This leaves Solana’s risk: reward ratio at 1.69 – a reasonable entry, with moderate upside potential.
But while SOL bag-holders are caught in despair, smart money have already began rotating capital in anticipation of the biggest Bitcoin derivatives launches of 2023.
A Revolution for Bitcoin? Bitcoin BSC
On-Chain Summer has given rise to an emerging vertical of Bitcoin off-shoot projects. While the term “Bitcoin derivative” might raise eyebrows, here’s what it signifies: a digital asset that leverages the strengths of Bitcoin and, at the same time, offers enhancements to rectify its challenges.
And this is what has markets so excited about Bitcoin BSC.
BTCBSC’s commitment to retaining Bitcoin’s cherished tokenomics, including the iconic 21 million token cap, ensures familiarity, while its unique offerings make it stand out.
BTCBSC isn’t just a token; it’s an investment strategy – focused on: Staking, which has become a focal point in the DeFi space, takes center stage in the BTCBSC ecosystem.
The benefits are two-fold: it offers token holders a lucrative yield (imagine an APY of 8-10%!) and it promotes long-term holding, reducing the notorious price volatility often seen with new crypto projects.
By distributing a staggering 69% of the total token supply as staking rewards over 120 years, BTCBSC not only incentivizes holding but promises sustained and stable growth.
https://www.twitter.com/Bitcoinbsctoken/status/1699696572513071605Seize the Moment: The BTCBSC Presale Surges to $100k+ in 24-Hours
Now comes the crux: the BTCBSC presale -a limited-time opportunity, the presale offers 29% of the total token supply to early participants at a tantalizing price of $0.99 per token.
Comparing this to Bitcoin’s 2011 price gives a nostalgic yet optimistic perspective on BTCBSC’s potential.
With liquidity already locked via Unicrypt and a soon-to-be launch on PancakeSwap, the prospects for BTCBSC are incredibly promising.
The parallels to the surges seen in other Bitcoin derivatives, like BCH and BTC20, cannot be ignored.
BTCBSC is poised to not only emulate, but potentially surpass these successes, especially with its strategic staking model.
So in ever volatile crypto markets, BTCBSC emerges as a beacon of innovation and promise – delivering advanced features, combined with the trustworthiness of Bitcoin’s legacy, has seen BTCBSC break-out as a top tier investment opportunity.
As the crypto community eagerly watches the BTCBSC journey, it’s clear that this is more than just another token; it’s a movement, a strategy, and most importantly, an opportunity.
Join the future; join the BTCBSC revolution.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
