The cryptocurrency market has been highly volatile, with Solana (SOL) and Terra (LUNA) experiencing notable price movements. After a drastic drop to below $9 following the FTX collapse, Solana rebounded to $205, although it currently trades at $172. Terra, on the other hand, saw a dramatic decline of over 99% since its peak in 2022.
Why is Terra’s Founder Still Free?
Do Kwon, Terra (LUNA)’s founder, has evaded extradition to both South Korea and the United States, thanks to his refuge in Montenegro. Despite multiple extradition attempts, Kwon remains free, raising questions about the legal processes involved. Under new leadership, LUNA Coin has failed to make significant progress, leaving it a playground for speculative traders.
What Lies Ahead for SOL Coin?
While Binance Coin (BNB) achieved its all-time high by surpassing the $635 resistance, Solana is still struggling below $188 and $205. For SOL to reach new heights beyond $300, a significant increase in buyer activity and renewed hype in the Solana ecosystem are essential. Such circumstances were last seen in the first quarter of the year.
Price Levels to Watch
Key Inferences:
- For Terra (LUNA), breaking the $0.69 barrier could lead to price jumps up to $1.15.
- Sustained closures above $17.8 for MOVR Coin could open paths to $23.65 and $27.6.
- Solana needs to overcome $188 and $205 resistances for a new peak beyond $300.
For Terra, the price barrier at $0.69 is crucial, with potential jumps up to $1.15 if breached. For MOVR Coin, maintaining closures above $17.8 could activate resistances at $23.65 and $27.6, paving the way for new peaks up to $44.
In conclusion, both Solana and Terra show potential for significant price movements, but key resistance levels need to be overcome for substantial gains. Investors should watch these levels closely and consider the market dynamics before making investment decisions.