The cryptocurrency market is currently experiencing turbulence as Solana‘s network faces scrutiny due to ongoing controversies. Issues with fraudulent tokens have raised concerns among traders, leading to a significant decline in liquidity for altcoins on the Solana platform. As a result, the price of SOL Coin has plummeted recently.
Why Is Solana’s Value Falling?
SOL Coin has dropped nearly 9% as discontent within the crypto community grows. The LIBRA incident intensified criticism towards Solana, triggering an influx of short positions as investors react to the network’s troubles. Currently, SOL is hovering around $168.
What Do Experts Say About the Market?
TraderXO has highlighted the sellers’ control over the market as the price fell past the crucial $180 mark. Additionally, the weekly Relative Strength Index (RSI) has dipped below 50 for the first time in 2023, indicating a persistent weakness in the asset.
– SOL Coin’s price has decreased by almost 9%.
– The LIBRA incident is a focal point of controversy.
– Increased short positions signal traders’ lack of confidence in the network.
– Expert opinions suggest caution in further investment.
In parallel, the cryptocurrency landscape is buzzing with developments, including the commencement of FTX refunds and potential discussions between notable figures like Trump and Musk regarding crypto. With the Federal Open Market Committee (FOMC) minutes due soon and critical U.S. economic data on the horizon, market participants remain vigilant about upcoming trends.
