With the crypto market crashing Solana hasn’t been safe from the impact too. With China and Russia banning crypto and having a vague stance on DeFi as a whole. The world of crypto has seen many ups and downs in the last year itself.
With the Sol prices at $41.60 the 13%, fall should not be alarming to most people. Its pattern resembles the classic bear pennant which will recover soon. As of May 25, this breakdown has been accompanied by higher trading volume.
The pattern also shows that the coin has still not recovered fully and is slowly gaining traction again. The 45% decline after May 26 is because of reaching the lower trendline on 25th May.
But if you stick with the pattern there will be an opening for traders that they will be able to capitalize on. This will be the perfect entry point at this point in time and also help more people to get into Solana. It is one of the most efficient blockchains on the market. It has low gas fees and has been attracting more and more people and organizations on it.
If you have been planning to get on the crypto and DeFi bandwagon right now is the best time to do so. With the bear market in full swing, you can take advantage of this fact and enter the market too. Not only will you have a low price of entry you will also be able to take advantage of the next bull market.
