Solana Follows The General Sentiment In The Crypto Market
At the time of writing, Solana (SOL) trades at $143,53 with a 10.9% loss in the daily chart. In the weekly chart, the cryptocurrency is amongst the worst performers on the crypto top 10 with a 17.9% loss. After Solana, Polkadot (DOT) is the closest to record similar losses for the weekly chart with 17.6%, followed by Cardano (ADA) with 17.1%, XRP with 16.5%, and Binance Coin (BNB) with an 11% over the same period.Related Reading | Bitcoin Price Sinks 10% As Market Braces For Macro Storm Ahead
Evergrande is not a vapor financial co, tho it’s high leveraged real estate developer sill retains good trunk of property/lands+ good cash flow biz like property mgmt co on its book. The situation can trigger macro panic but the substantial threat is far less than Lehman.
Bitcoin Holds The Key For Solana In The Short Term?
In previous bearish momentum for the crypto market, most of the assets followed Bitcoin. Therefore, BTC’s price could determine what happens to Solana in the near future. BTC stands on critical support in the daily, trading at $43,855, and could find its next support in the high area of $30,000 potentially returning to its previous range.Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course
However, Solana (SOL) has demonstrated resilience in that scenario, and it could potentially become one of the few cryptocurrencies capable of enduring another major sell-off.