'Ethereum rival' Solana to break $200 in May?
Solana's SOL coin, a strong competitor to Ethereum (ETH), has lost more than 12% of its value in a week and is trading below $140 as of today (May 30). The fifth-largest cryptocurrency by market capitalization, SOL was trading at $137.77 as of 8:43 a.m. ET, down 12.47% from a week ago on CoinMarketCap. Over the same period, market leader Bitcoin (BTC) is down 4.55%, while the second-largest coin by market capitalization, Ethereum, is up 0.51%.
“Solana has recently fallen below the $150 support level, but remains bullish in the short-term. Despite some network issues, it remains a hot cryptocurrency due to its memecoin and blockchain projects.”
The media continued, “Whale Alert recently reported whale trades totaling over $3 billion in SOL, raising questions about the price trend. Whales often have a significant influence on market dynamics, so their behavior is being closely watched by traders and investors alike.” Another cryptocurrency media watchdog concluded that “SOL coin price has fallen more than 27% in the last 30 days, threatening its chances of breaking the $200 mark in May amid ongoing bearish sentiment.”
However, the media noted that “once the rally begins, SOL's liquidity will increase to almost $146, and if the price of SOL can rise above that, a sustained upward rally will be underway. In this case, $160 will be the next important price level for SOL to reach. “Furthermore, this bullish scenario could be closer if the overall market sentiment turns positive. The month of May will be interesting as SOL's performance could surge.”
