Topic: Let's talk about SOL resilience for recent market correction (Read 415 times)

Didn't knew that they already have a stable coin but good luck to them with that attempt. I know it's not going to be easy, even though they are already known in this market for a long time because the other stable coins are also in this industry/market for quite some time now and they already got the publics confidence. I'm also surprised that USDC is now dominating the stable coin market with that 70% figure.

I thought Tether was still leading, add in the fact that USDC have experienced an issue last time. Defi 2.0 projects can be composed of different projects (not only stable coin) so they can mostly be part of the regular/non-stable coin market.

Improvement what? Solana just become popular due to the recent airdrops and existence of meme coin that is obviously backed by Solana whales that same whales that supported SBF before and probably using SBF funds to manipulate again Solana.

Solana is still same shitty blockchain. Ethereum is still by far better than this blockchain in terms of being decentralized. There’s also other new blockchain that is much better to Solana in terms of performance that is not receiving the deserved valuation since everyone is following the manipulation on Solana.

I think Solana is the best new arrival coin ever. The improvement that had occurred to Solana was extraordinary. Moreover, with the growth of memecoin which is currently hyped, its name is becoming increasingly popular and continues to increase. But we don't know what will happen when the trend turns bearish. I think this is because many people use Solana as an alternative coin for transactions because of its cheap gas fee and fast. Meanwhile, BTC and ETH have become a big problem with the large gas fees that must be paid for each transaction. So before have improvement and there are no other alternatives for BTC and ETH transactions, Solana will continue to be used. Apart from that, the price is still cheap, making the whales hold it a little longer to sell it when the time comes.

Recent surge of solana price happens due to the meme hype in its ecosystem and all those meme sale in launchpad which requires users to pay in solana. Meme projects where skyrocketing and retail investors were pouring money into the ecosystem to participate in the meme token sale round. This force them to buy solana in market price which eventually increases the price.

Well now Solana stable coin is is wanting to compete with other stable coins in the $3 Billion market. Almost 70% of the blockchain’s stablecoin market is USDC but they think Solana's 'DeFi 2.0' projects can be part of that big market.

https://www.dlnews.com/articles/defi/solana-projects-take-aim-at-usdc-tether-with-stablecoin/ 

The bear market really make many of the good and potential projects look useless to many investors thinking they don't worth any investment. I think it is a good time for us to take the opportunity to invest in good project not just because the price is shooting up but due to the relevance in the crypto space. Sol is a great project we can see with our eyes and make profits from them because there are lots of things we can benefit from the market. If we want to make money from what we hold, we need to look on holding good potential projects.

SOL staying strong when BTC suddenly dropped is really interesting. It looks like SOL is doing well because it has good tech and a lot of people are using it, which makes investors feel safer. When someone moves a lot of BTC, it can make other people nervous and sell their coins too. But SOL seems to have a solid base, which might make it a good choice for people who want to invest but are worried about the market going up and down a lot. Just keep in mind, putting money into cryptocurrencies is risky, so make sure you look into it well before you decide.

You're absolutely right solana is the leading cryptocurrency, and most of the investors prefer using solana to invest, and there are so many users in the market who are currently trading on solana reason is because they know that solana still have the potential to increase.however when we talk about profiting coin,I think solana is likely to be one of the profiting coin to invest.

SOL is still the leading cryptocurrency in the space despite its tumultuous journey, and SOL's growth over time shows that MM attention and the advisory community are very strong. I'm really impressed by the constant airdrops across the ecosystem, it attracts quite a few users to look for opportunities, but honestly this is no longer a category I prioritize in the space.

Maybe I still like ETH and don't want to compare them, but perhaps in terms of speculation, Zeta is the choice that I'm also observing a lot.

Overall bullish sentiment in the cryptocurrency market. Bitcoin the largest cryptocurrency by market capitalization also has a strong upward trend reaching new all time highs in 2023 and 2024. This could drive more investors into the broader crypto market including SOL Many investors and analysts are bullish on Solana's potential especially as demand for decentralized applications and blockchain solutions continues to grow. Solana is likely to go higher in the future.

Solana was $68 dollars 2 weeks ago, now it is $183. Ethereum was $3800 2 weeks ago, now it is $3400. Solana did reach price of more than $200 but now we are seeing the correction.
I do still hodl SOL tokens in my crypto portfolio. I do not think it will ever replace Ethereum but it is the real competitor to its blockchain.
https://coinpedia.org/news/solanas-bullish-breakthrough-what-next-for-sol-price/

This is the same SOL which had crashed a few month earlier and got to the lowest point of its price point. The current resilience indicates that the market has a positive outlook for Solana than other major crypto. There is demand for SOL which stopping it from following Bitcoin blindly. Both ETH and BNB took a massive hit when the price of Bitcoin suddenly went down. I won't be surprised to see SOL taking the position of USDT in terms of market capitalisation if it continues to move upwards in few months.

I think that could be it, but a right timed pump could also be the reason. While everything is going down, and many people made profit, SOL got a small pump, that lead to everyone with that much profit, to use their profits here to keep it higher and higher.

I bet you that it will average down to market levels eventually, I do not think that it will stay like this. In the case that it does, it may not be about SOL at all and just about how the market works. In the end, I could be wrong and SOL could be a great project as well, I wouldn't know I am just making an assumption here and I think it is still important to be careful. Plus, it did stay resilient already, so if you were there then you gained something from it but if you weren't then not.

It's true, SOL might face a fall later on, but I'm doubtful it'll crash as severely. This kind of resilience during bull market corrections is quite unusual and could catch the attention of investors who may have overlooked SOL until now.

The dump, reportedly triggered by the movement of  BTC, definitely spooked some sellers. It's interesting to speculate on SOL's behavior amidst all this.

As for SOL's performance, aside from it being dubbed the "best coin ever," there could be various factors at play. Perhaps its underlying technology, strong fundamentals, or even investor sentiment could be contributing to its unique behavior in the market. It's definitely worth keeping an eye on.

Yes ofcourse, Solana does have enough potential to reach new ATH in near future but right now it is at the peak.
There will soon be a consolidation I believe and then a push again towards a new ATH.
The truth is that no matter how much we try to predict, there's no assurity in which direction the price will go in crypto.

Not only you wonder this, but what I don't even understand how the altcoin behaves these days, but it won't be strange thought for us because, when looking at it, while the bitcoin was pumping, the altcoin just remained with out pumping which was extremely astonished everyone. That is why, even when Bitcoin falls, the other altcoins do not crash, however i believe some coins are better than before, as I can see several altcoins attempting to pump up.

Regardless of the SOL, many individuals were startled by how much Solana is pumping up these days with little control. As it stands, non-SOL gas has passed the all-time high, and is still facing more pumping from the SOL.The only individuals who can enjoy it now are those who made the initial investment.

Let me start by saying I do not agree with you that the move of just a few thousand BTC (4637) would distort the market that much, perhaps, it was time for the market to make some minor corrections. If you are carefully studying the market, there has always been demand and supply in it, which makes it called a "market."

Invariably, there is no day Bitcoin is not being moved from one point to the other and the mere value of $315m of the amount of BTC quoted can't cause any significant impact based on my understanding of the Bitcoin market. It would take billions of dollars to cause that even as hundreds of millions are being bought and sold in the Bitcoin market daily, this is normal.

Regardless, SOL has built a name for itself, especially after the last development and upgrades. It is the coin I personally have an eye for and it will be the closest rival of Ethereum over time and might be the coin that would start maintaining the 3rd position based on the market capitalization sooner than expected. The scalability is high, the speed is fast and the fee is low in addition, so it even has more to offer than the top 2 above it. Also, if my instinct serves me right, it won't take too long for it to hit the $1,000 psychological level. I am sure that if it can reach that feat, more prominence will be attributed to it like Bitcoin and Ethereum which will attract more investments as well.

Well theres a huge dip for every coin but solana indeed didnt get affected that much. My take on this is due to swarming memecoin or shitcoin trading happening now on their network. There are tons of memecoin being launch and injected money with solana leaving its demand intact and still appealing to some traders and investors.

I’m going to have to pin point this on solana’s great innovation. I think its utility is a huge factor in drawing in investors and making them stay. Solana as a blockchain is accessible and a lot easier and faster to make transactions in compared to other altcoins and on top of all that, it has also released numerous other coins allowing more options for more investors.

Just noticed that AVAX and JOE (DEX for avax) have been doing just fine on this drop too. Maybe because it's not as popular it hasn't been in my feed, and it has long way to climb to 3rd of the marketcap. (I see SOL as 3rd as i don't count stable coins). And TONcoin pumped so much this month it looks like it's breaking ath any time now. I don't get why though. Maybe people are just looking for low fee alternatives all around again. Swap fees for ERC20 are huge and poor people need DEXes too.

So i am guessing #ethkiller will be a thing trending once again at some point. I thought we were over this, but i guess it's healthy to challenge status quo once in a while to keep innovations rolling.

Your observation of Solana behavioral trends relative to other cryptocurrencies such as Bitcoin and Ethereum is indeed interesting. However, Solana's tendency to surge while other major currencies are consolidating could be a potential indication that it is might soon reach new all time (ATH) in the near future. Your forecast for future price movements seems to hold merit.

Despite this positive outlook for Solana, it is important to approach investment decision with caution, taking into account one's financial situation and risk tolerance level.

Many projects are recently running under solana chain which makes this possible. One example is meme coins under its name which are succeeding shortly upon being launched and for sure many investors are aware of this. The emergence of new projects is probably the reason why SOL remained still and is now showing upward stability with its market value for months already. As othe users have mentioned it somewhat competes with BNB nowadays. BNB having launchpools and SOL with new projects in the market. Both are good however, Binance is quite having spread of rumors being prohibited in some countries due to some issues, but that's a different topic to discuss. Future's bright with SOL and I personally invested a reasonable amount because of its obvious potential on the current bullish market trend.
Will remain an assumption unless proven right? But it's not only for a week wherein SOL is having the sppotlight to be honest. It was just being shaded over by other altcoins but if we would view the charts, it's been 5 mosbsince it started its upward rally which is already promising on my end. Just the idea of being able to follow the trend created by major coins, could be a conclusion that a token is having big volume from its community of users and investors. Right now, SOL is about to reach its previous ATH and I won't doubt that it's possible especially with wht we are seeing recently.

the community around sol is really strong to be fair, their many dapps are reaching billions in market cap, right now JUP is reaching around UNISWAP if not more in its fully diluted market cap its only matter of time that the token are gonna be unlcoked at some point I believe. therefore if someone says that sol not gonna be dumping even when bitcoin getting some correction i would honestly believe.
if you think about it, solana has been people's favourite coin since it was going up 10x within short amount of time before bitcoin is getting this high.
people are just repeating that history but in short term manner, even the meme coin thats available in solana are having instant listing on popular exchange as well as haivng their market capitalization raised to billions just within short amount of time that it kinda reflect the state of solana right now.
the coin itself is bullish, the ecosystem is bullish as well, coin that are dumping back then that are coming from solana ecosystem are also gaining massive rally.
i think its just solana season occurring.

It is always the same story when people see news like moving thousands of btc to an exchange, which will cause a panic attack. No doubt about SOL resiliency is visible but it's because we're in the bull run. If it's not the bull run and let's see how it will be on the bear market then it is not going to do good. Anyway, the ranking now of SOL has become #4 and replaced BNB from that spot sending it to #5 spot. Well, that means that it's moving decently and it has got a great community.

Certainly, Solana has demonstrated  remarkable resistance amid current flash crash of Bitcoin market, while the whole crypto currencies market was sliding down and Solana price was surging. It suggests the presence of significant development that is driving the Solana price trajectory, which could include interest from financial institute regarding potential ETFs. This is just a speculation, and it is impoprtant to wait for any concrete development before making investment decision. DYOR

This doesn't mean anything perse, doesn't mean it s not saying anything neither, I am just saying we can't make a decision based on just one week. Yes, it is true that the market hasn't been kind since reaching above 70k, but at the same time SOL has been doing one of the best runs in the past one week, definitely highest among the top ranked coins for sure, it's just doing great. Does this mean that SOL will keep being awesome? Maybe, it could mean that and I can't say it won't.

But, does it guarantee that SOL will do fine? No it does not, it could still do terrible and we do not know how it will react. Maybe it will get a correction right when other coins start to go up, we do not know and anything could happen with this for sure.

Solana has indeed been pumping too hard this time. It was behaving the same way in the last bull run as well.
What I mean is, when coins like bitcoin and ethereum were pumping then Solana was idle.
But when they were being consolidated, Solana was the top most coin pumping too hard.
I have observed the same thing this time and this means that Solana is going to make another ATH very soon.

Solana was doing better even before the ETF approval and bitcoin spike which people felt was the cause of the increase in the price of cryptocurrency. From my observations solana seems to be the only altcoin that was traded so much as of last year ending and in the begining of this year. If the price is correcting now it would be of advantage and not a disadvantage to investors. Lets watch and hope to see that very soon there will be balance in the coin.

Solana is surprising me at the moment at least.
I had and have good believe in Solana but i could never imagine this fast journey and i wonder how long it gonna last but a new ATH should be possible. I am not selling anything right now.  What is good with Solana is all the Solana wallet's that is very easy to use and you can swap your Solana to example USDC in no time to a extremely good rate with very low network fee's it's a way to protect yourself from the fall when it comes so you can earn even more Solana during that time, the future looks bright it sure does  

Solana's been doing well lately, even when other cryptos aren't. It's not at its highest price, but it's been going strong for a while now. More people use it daily, which is a good sign for its future.

There are overall effect of market movement on all coins but the case with solana is, they are on an  increasing trend stronger than any overall movements. Just a few months ago, they were being accumulated around $20 and the bull arrived on solana when all the market were on their sideways hitting $100 in a few months time, they for some months resisted around $100 and are again doubling on the overall bull. There has been some correction on the overall market and that's even true for solana but as they are on an increasing trend, they'll keep increasing while other coins move sideways.

Solona was a real surprise, but whether the trend is long-term bullish for SOL, or just a temporary uptick and only time will tell.
And according to the news regarding the rise of Solona when almost all altcoins experienced a decline and Bitcoin corrected, this was caused by increased whale activity and Solana managed to steal attention in the crypto market and its popularity continues.
It looks like $195-200 is the next target that I think will happen in the near future.
And whether Solona will reach its previous high of $260.06 in the near future or not.

Most of the smart contracts (or shitcoins) volume from BSC and ERC has moved to SOL, that has caused the surge up

When BTC and ETH were pumping, SOL wasn't moving upwards that much. Perhaps the late upward movement by SOL is something normal and more of a reaction to the previous pumps of BTC where it when past it's previous all-time high.

We also must not forget that SOL is yet to go past it's previous all-time high which was around $250 and right now it's a hot spot for NFTs and new tokens due to the very low fees.

4637 BTC cannot lead to a reversal of the market trend or a correction, compared to daily trading volumes of about 1,133,787 BTC and a market capacity of more than a trillion dollars. 5,000 BTC or even 20,000 BTC is considered a drop in the ocean.
What led to the correction is that the price of Bitcoin was unable to continue its rises, as the price has not witnessed a real correction since the $40,000 levels. We have come close to doubling the price without a serious correction.

Sol is pumping continuously without any major correction, which can be a concern for a long term. Whales are not ready to sell right now which means they know something, and at some point in their journey they will cash out their holdings for sure. The correction will be hard at that time because panic will spread fast and everybody will try to book their profit as most of them are just holding sol for a long time. Some people don't want to sell their sol due to any future potential airdrop as well.

Perhaps it's strange to me and believe it is too to others.

I have always believe in SOL but this move is not part of my reasons before now but soon it will be, it's can be considered a new market strategy to get more investors but what I'm wondering now is how is it even possible that Bitcoin dips and an altcoin did not crash.

So I did a quick search to find out why the move on SOL but I couldn't find a cleared reason. here is the only relatively sensiable fact by coindesk.

Just today, after a rollback to $160, SOL rise to 180 (at its peak $185). In percentage terms, this is quite significant (12.5%), but in absolute terms, not so much ($20). The same can be said about the opposite situation with a drop in value. Of course, it all depends on how much SOL you have.
Most likely, the large influx of liquidity and, therefore, the cost of SOL was influenced by low fee's in the chain. You can quickly manage your funds with minimal losses (staking/restaking with more favorable conditions or APY). As they say Solana chain for degens, which I mean as a huge number of shitcoins, NFT flipps and airdrops as well.

I am pretty sure another leg down would affect SOL as well, but i don't think it would as harshly as it would to others. And ETH didn''t show much strenght on this drop, so i can't imagine why it would with next leg down.

But right question is, why those SOL VCs haven't pulled it already from here, assuming they did that with every coin and token out there. Airdrops can't be the only reason. There have been successful airdrops in the past for others as well and recent price surge hasn't happened with SOL alone. So are there other reasons why only VC:s in SOL are late to the game?

And i am not sure what you mean with general market being bearish, but this dip was for general (crypto) market (except sol for some reason). So maybe you had other time frame in mind or other than crypto markets

Wait for the VC pull out their liquidity to take profit. Simply because there’s still a lot of juices entering on Solana ecosystem until now but it will be another hard crash again if the correction on Bitcoin becomes harsh soon. There’s some project like this in the past which show strength even on bearish market such as Ethereum but suffer hard crash too when the general market turns to bearish.

Due to the recent airdrop opportunity. Solana ecosystem becomes popular again but I’m skeptical that VC will not take profit if the market becomes bearish again.

Yeah! Solana seems to be weathering the crypto storm pretty well lately.  Even when the whole market takes a nosedive, Solana bounces back quick.  The price ain't near its all-time high from 2021 yet, but it's been on a heck of a run the past couple months and  where's it going next? The number of people using Solana every day hit a new record high.  More people than ever are making transactions on there.  As long as Solana keeps building up its platform and community, it should keep succeeding long-term.

I find it really interesting that recent BTC flash crash (or dip/correction if you rather call it that) that just happened crashed nearly all the altcoins with it, except SOL and JUP (sol based swap). While they dipped as well, it was nothing compared to rest of the market.

It could fall later for sure, but i doubt it will crash as hard because i can't recall seeing anything like this during bullmarket corrections and this could attract other investors that have been overlooked SOL until now.

Reason for this dump was supposedly the fact that someone moved 4637 btc to binance, and even without selling them, it would cause some people start selling.

I would imagine other people have been wondering this too, so what's your theory for SOL? Other then it's a best coin ever or something like that.