Let's talk about SOL resilience for recent market correction

[Yatsan]

Many projects are recently running under solana chain which makes this possible. One example is meme coins under its name which are succeeding shortly upon being launched and for sure many investors are aware of this. The emergence of new projects is probably the reason why SOL remained still and is now showing upward stability with its market value for months already. As othe users have mentioned it somewhat competes with BNB nowadays. BNB having launchpools and SOL with new projects in the market. Both are good however, Binance is quite having spread of rumors being prohibited in some countries due to some issues, but that's a different topic to discuss. Future's bright with SOL and I personally invested a reasonable amount because of its obvious potential on the current bullish market trend.

I find it really interesting that recent BTC flash crash (or dip/correction if you rather call it that) that just happened crashed nearly all the altcoins with it, except SOL and JUP (sol based swap). While they dipped as well, it was nothing compared to rest of the market.

It could fall later for sure, but i doubt it will crash as hard because i can't recall seeing anything like this during bullmarket corrections and this could attract other investors that have been overlooked SOL until now.

Reason for this dump was supposedly the fact that someone moved 4637 btc to binance, and even without selling them, it would cause some people start selling.

I would imagine other people have been wondering this too, so what's your theory for SOL? Other then it's a best coin ever or something like that.

This doesn't mean anything perse, doesn't mean it s not saying anything neither, I am just saying we can't make a decision based on just one week. Yes, it is true that the market hasn't been kind since reaching above 70k, but at the same time SOL has been doing one of the best runs in the past one week, definitely highest among the top ranked coins for sure, it's just doing great. Does this mean that SOL will keep being awesome? Maybe, it could mean that and I can't say it won't.

But, does it guarantee that SOL will do fine? No it does not, it could still do terrible and we do not know how it will react. Maybe it will get a correction right when other coins start to go up, we do not know and anything could happen with this for sure.

Will remain an assumption unless proven right? But it's not only for a week wherein SOL is having the sppotlight to be honest. It was just being shaded over by other altcoins but if we would view the charts, it's been 5 mosbsince it started its upward rally which is already promising on my end. Just the idea of being able to follow the trend created by major coins, could be a conclusion that a token is having big volume from its community of users and investors. Right now, SOL is about to reach its previous ATH and I won't doubt that it's possible especially with wht we are seeing recently.

[Sayeds56]

Solana has indeed been pumping too hard this time. It was behaving the same way in the last bull run as well.
What I mean is, when coins like bitcoin and ethereum were pumping then Solana was idle.
But when they were being consolidated, Solana was the top most coin pumping too hard.
I have observed the same thing this time and this means that Solana is going to make another ATH very soon.

Your observation of Solana behavioral trends relative to other cryptocurrencies such as Bitcoin and Ethereum is indeed interesting. However, Solana's tendency to surge while other major currencies are consolidating could be a potential indication that it is might soon reach new all time (ATH) in the near future. Your forecast for future price movements seems to hold merit.

Despite this positive outlook for Solana, it is important to approach investment decision with caution, taking into account one's financial situation and risk tolerance level.

[o48o]

Just noticed that AVAX and JOE (DEX for avax) have been doing just fine on this drop too. Maybe because it's not as popular it hasn't been in my feed, and it has long way to climb to 3rd of the marketcap. (I see SOL as 3rd as i don't count stable coins). And TONcoin pumped so much this month it looks like it's breaking ath any time now. I don't get why though. Maybe people are just looking for low fee alternatives all around again. Swap fees for ERC20 are huge and poor people need DEXes too.

So i am guessing #ethkiller will be a thing trending once again at some point. I thought we were over this, but i guess it's healthy to challenge status quo once in a while to keep innovations rolling.

[btc78]

I’m going to have to pin point this on solana’s great innovation. I think its utility is a huge factor in drawing in investors and making them stay. Solana as a blockchain is accessible and a lot easier and faster to make transactions in compared to other altcoins and on top of all that, it has also released numerous other coins allowing more options for more investors.

[cryptoaddictchie]

I would imagine other people have been wondering this too, so what's your theory for SOL? Other then it's a best coin ever or something like that.

Well theres a huge dip for every coin but solana indeed didnt get affected that much. My take on this is due to swarming memecoin or shitcoin trading happening now on their network. There are tons of memecoin being launch and injected money with solana leaving its demand intact and still appealing to some traders and investors.

[EarnOnVictor]

I find it really interesting that recent BTC flash crash (or dip/correction if you rather call it that) that just happened crashed nearly all the altcoins with it, except SOL and JUP (sol based swap). While they dipped as well, it was nothing compared to rest of the market.

It could fall later for sure, but i doubt it will crash as hard because i can't recall seeing anything like this during bullmarket corrections and this could attract other investors that have been overlooked SOL until now.

Reason for this dump was supposedly the fact that someone moved 4637 btc to binance, and even without selling them, it would cause some people start selling.

so what's your theory for SOL?

Let me start by saying I do not agree with you that the move of just a few thousand BTC (4637) would distort the market that much, perhaps, it was time for the market to make some minor corrections. If you are carefully studying the market, there has always been demand and supply in it, which makes it called a "market."

Invariably, there is no day Bitcoin is not being moved from one point to the other and the mere value of $315m of the amount of BTC quoted can't cause any significant impact based on my understanding of the Bitcoin market. It would take billions of dollars to cause that even as hundreds of millions are being bought and sold in the Bitcoin market daily, this is normal.

Regardless, SOL has built a name for itself, especially after the last development and upgrades. It is the coin I personally have an eye for and it will be the closest rival of Ethereum over time and might be the coin that would start maintaining the 3rd position based on the market capitalization sooner than expected. The scalability is high, the speed is fast and the fee is low in addition, so it even has more to offer than the top 2 above it. Also, if my instinct serves me right, it won't take too long for it to hit the $1,000 psychological level. I am sure that if it can reach that feat, more prominence will be attributed to it like Bitcoin and Ethereum which will attract more investments as well.

[AYOBA]

Perhaps it's strange to me and believe it is too to others.

I have always believe in SOL but this move is not part of my reasons before now but soon it will be, it's can be considered a new market strategy to get more investors but what I'm wondering now is how is it even possible that Bitcoin dips and an altcoin did not crash.

Not only you wonder this, but what I don't even understand how the altcoin behaves these days, but it won't be strange thought for us because, when looking at it, while the bitcoin was pumping, the altcoin just remained with out pumping which was extremely astonished everyone. That is why, even when Bitcoin falls, the other altcoins do not crash, however i believe some coins are better than before, as I can see several altcoins attempting to pump up.

Regardless of the SOL, many individuals were startled by how much Solana is pumping up these days with little control. As it stands, non-SOL gas has passed the all-time high, and is still facing more pumping from the SOL.The only individuals who can enjoy it now are those who made the initial investment.

[pawanjain]

Solana has indeed been pumping too hard this time. It was behaving the same way in the last bull run as well.
What I mean is, when coins like bitcoin and ethereum were pumping then Solana was idle.
But when they were being consolidated, Solana was the top most coin pumping too hard.
I have observed the same thing this time and this means that Solana is going to make another ATH very soon.

Your observation of Solana behavioral trends relative to other cryptocurrencies such as Bitcoin and Ethereum is indeed interesting. However, Solana's tendency to surge while other major currencies are consolidating could be a potential indication that it is might soon reach new all time (ATH) in the near future. Your forecast for future price movements seems to hold merit.

Despite this positive outlook for Solana, it is important to approach investment decision with caution, taking into account one's financial situation and risk tolerance level.

Yes ofcourse, Solana does have enough potential to reach new ATH in near future but right now it is at the peak.
There will soon be a consolidation I believe and then a push again towards a new ATH.
The truth is that no matter how much we try to predict, there's no assurity in which direction the price will go in crypto.

[john1010]

I find it really interesting that recent BTC flash crash (or dip/correction if you rather call it that) that just happened crashed nearly all the altcoins with it, except SOL and JUP (sol based swap). While they dipped as well, it was nothing compared to rest of the market.

It could fall later for sure, but i doubt it will crash as hard because i can't recall seeing anything like this during bullmarket corrections and this could attract other investors that have been overlooked SOL until now.

Reason for this dump was supposedly the fact that someone moved 4637 btc to binance, and even without selling them, it would cause some people start selling.

I would imagine other people have been wondering this too, so what's your theory for SOL? Other then it's a best coin ever or something like that.

It's true, SOL might face a fall later on, but I'm doubtful it'll crash as severely. This kind of resilience during bull market corrections is quite unusual and could catch the attention of investors who may have overlooked SOL until now.

The dump, reportedly triggered by the movement of  BTC, definitely spooked some sellers. It's interesting to speculate on SOL's behavior amidst all this.

As for SOL's performance, aside from it being dubbed the "best coin ever," there could be various factors at play. Perhaps its underlying technology, strong fundamentals, or even investor sentiment could be contributing to its unique behavior in the market. It's definitely worth keeping an eye on.

[tygeade]

I’m going to have to pin point this on solana’s great innovation. I think its utility is a huge factor in drawing in investors and making them stay. Solana as a blockchain is accessible and a lot easier and faster to make transactions in compared to other altcoins and on top of all that, it has also released numerous other coins allowing more options for more investors.

I think that could be it, but a right timed pump could also be the reason. While everything is going down, and many people made profit, SOL got a small pump, that lead to everyone with that much profit, to use their profits here to keep it higher and higher.

I bet you that it will average down to market levels eventually, I do not think that it will stay like this. In the case that it does, it may not be about SOL at all and just about how the market works. In the end, I could be wrong and SOL could be a great project as well, I wouldn't know I am just making an assumption here and I think it is still important to be careful. Plus, it did stay resilient already, so if you were there then you gained something from it but if you weren't then not.

[Bureau]

This is the same SOL which had crashed a few month earlier and got to the lowest point of its price point. The current resilience indicates that the market has a positive outlook for Solana than other major crypto. There is demand for SOL which stopping it from following Bitcoin blindly. Both ETH and BNB took a massive hit when the price of Bitcoin suddenly went down. I won't be surprised to see SOL taking the position of USDT in terms of market capitalisation if it continues to move upwards in few months.

[mich]

Solana was $68 dollars 2 weeks ago, now it is $183. Ethereum was $3800 2 weeks ago, now it is $3400. Solana did reach price of more than $200 but now we are seeing the correction.
I do still hodl SOL tokens in my crypto portfolio. I do not think it will ever replace Ethereum but it is the real competitor to its blockchain.
https://coinpedia.org/news/solanas-bullish-breakthrough-what-next-for-sol-price/

[Volimack]

Overall bullish sentiment in the cryptocurrency market. Bitcoin the largest cryptocurrency by market capitalization also has a strong upward trend reaching new all time highs in 2023 and 2024. This could drive more investors into the broader crypto market including SOL Many investors and analysts are bullish on Solana's potential especially as demand for decentralized applications and blockchain solutions continues to grow. Solana is likely to go higher in the future.

[bluebit25]

(...)I would imagine other people have been wondering this too, so what's your theory for SOL? Other then it's a best coin ever or something like that.

SOL is still the leading cryptocurrency in the space despite its tumultuous journey, and SOL's growth over time shows that MM attention and the advisory community are very strong. I'm really impressed by the constant airdrops across the ecosystem, it attracts quite a few users to look for opportunities, but honestly this is no longer a category I prioritize in the space.

Maybe I still like ETH and don't want to compare them, but perhaps in terms of speculation, Zeta is the choice that I'm also observing a lot.

[Kristiyana]

(...)I would imagine other people have been wondering this too, so what's your theory for SOL? Other then it's a best coin ever or something like that.

SOL is still the leading cryptocurrency in the space despite its tumultuous journey, and SOL's growth over time shows that MM attention and the advisory community are very strong. I'm really impressed by the constant airdrops across the ecosystem, it attracts quite a few users to look for opportunities, but honestly this is no longer a category I prioritize in the space.

Maybe I still like ETH and don't want to compare them, but perhaps in terms of speculation, Zeta is the choice that I'm also observing a lot.

You're absolutely right solana is the leading cryptocurrency, and most of the investors prefer using solana to invest, and there are so many users in the market who are currently trading on solana reason is because they know that solana still have the potential to increase.however when we talk about profiting coin,I think solana is likely to be one of the profiting coin to invest.

[john1010]

SOL staying strong when BTC suddenly dropped is really interesting. It looks like SOL is doing well because it has good tech and a lot of people are using it, which makes investors feel safer. When someone moves a lot of BTC, it can make other people nervous and sell their coins too. But SOL seems to have a solid base, which might make it a good choice for people who want to invest but are worried about the market going up and down a lot. Just keep in mind, putting money into cryptocurrencies is risky, so make sure you look into it well before you decide.

[Bushdark]

(...)I would imagine other people have been wondering this too, so what's your theory for SOL? Other then it's a best coin ever or something like that.

SOL is still the leading cryptocurrency in the space despite its tumultuous journey, and SOL's growth over time shows that MM attention and the advisory community are very strong. I'm really impressed by the constant airdrops across the ecosystem, it attracts quite a few users to look for opportunities, but honestly this is no longer a category I prioritize in the space.

Maybe I still like ETH and don't want to compare them, but perhaps in terms of speculation, Zeta is the choice that I'm also observing a lot.

The bear market really make many of the good and potential projects look useless to many investors thinking they don't worth any investment. I think it is a good time for us to take the opportunity to invest in good project not just because the price is shooting up but due to the relevance in the crypto space. Sol is a great project we can see with our eyes and make profits from them because there are lots of things we can benefit from the market. If we want to make money from what we hold, we need to look on holding good potential projects.

[mich]

Well now Solana stable coin is is wanting to compete with other stable coins in the $3 Billion market. Almost 70% of the blockchain’s stablecoin market is USDC but they think Solana's 'DeFi 2.0' projects can be part of that big market.

https://www.dlnews.com/articles/defi/solana-projects-take-aim-at-usdc-tether-with-stablecoin/ 

[Sophokles]

I’m going to have to pin point this on solana’s great innovation. I think its utility is a huge factor in drawing in investors and making them stay. Solana as a blockchain is accessible and a lot easier and faster to make transactions in compared to other altcoins and on top of all that, it has also released numerous other coins allowing more options for more investors.

Recent surge of solana price happens due to the meme hype in its ecosystem and all those meme sale in launchpad which requires users to pay in solana. Meme projects where skyrocketing and retail investors were pouring money into the ecosystem to participate in the meme token sale round. This force them to buy solana in market price which eventually increases the price.

[husencoe]

I would imagine other people have been wondering this too, so what's your theory for SOL?

I think Solana is the best new arrival coin ever. The improvement that had occurred to Solana was extraordinary. Moreover, with the growth of memecoin which is currently hyped, its name is becoming increasingly popular and continues to increase. But we don't know what will happen when the trend turns bearish. I think this is because many people use Solana as an alternative coin for transactions because of its cheap gas fee and fast. Meanwhile, BTC and ETH have become a big problem with the large gas fees that must be paid for each transaction. So before have improvement and there are no other alternatives for BTC and ETH transactions, Solana will continue to be used. Apart from that, the price is still cheap, making the whales hold it a little longer to sell it when the time comes.