Solana price falls as new altcoin emerges as potent alternative
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Despite a strong pullback this week, Solana continues declining as its price edges toward $100. Currently, SOL is down 3.51% today, trading at $102.
However, other project’s are seeing success, with the Bitcoin Minetrix presale raising over $11.3 million.
Solana is weak
Solana’s pullback has seen significant sell pressure this week, with its price down 8.37%, wiping over $4 billion from its market cap.
Meanwhile, altcoins like Ethereum and BNB have shown strength, illustrating a rotating interest from Solana to other cryptos.
The Solana price chart shows a rejection from the top of its current trading range, followed by a break below the mid-range. The current daily candle is rejecting the level, forming a retest that will flip the support to resistance.
Another bearish signal is that Solana’s trading volume has steadily fallen since November, displaying traders’ fading interest in the asset.
This indicates a slowing momentum, signifying a move toward the $80 range low could be on the horizon.
Meanwhile, speculation is brewing that Solana will lose further strength against other cryptos. Multiple respected analysts have published chart ideas anticipating further downside, including IamCryptoWolf.
The analyst recently said that Solana is “getting roasted” by Ethereum and displayed a price chart which predicts a selloff over 50%.
Furthermore, a poll by influencer Lark Davis recently asked his followers whether Solana or Injective Protocol will make more money this cycle.
Over 9K voters have participated, with 54% speculating that INJ will outperform SOL.
Analysts are also weary of Solana’s price action against USD.
Renowned trader Alan Santana fears Solana could be headed toward $27 following a “perfect head and shoulders pattern.”
Its current price of $102 illustrates that the analyst’s prediction is materializing.
However, while Solana is enduring difficulty, other altcoins have begun to thrive. As mentioned, traders anticipate the likes of Ethereum and Injective to outperform Solana, but another alternative is Bitcoin Minetrix.
Currently in presale, the project is gathering significant momentum, having recently surpassed the $11.3 million mark.
Bitcoin Minetrix presale hits $11.3 million
Offering seamless cloud mining while tackling prevalent security concerns, the Bitcoin Minetrix presale is successful.
Raising over $11.3 million so far, the project has piqued the interest of analysts and media outlets.
Media bodies like Cointelegraph, BeInCrypto, Bitcoin Magazine, and Business Insider have all covered the presale.
Many analysts have picked up on it, too; in a recent video, Austin Hilton warned investors that the presale is selling fast.
Hilton explained Bitcoin Minetrix’s core premise and how it effectively tokenizes and distributes cloud mining power on the Ethereum network.
The project works by users staking BTCMTX on its Ethereum-based platform for cloud mining credits. They can burn these credits for BTC cloud mining power.
As well as a frictionless and beginner-friendly way to earn Bitcoin, Bitcoin Minetrix’s concept solves the security issues related to cloud mining.
Previously, cloud mining operators have been accused of fraudulent practices, leading to substantial losses for customers.
However, its decentralized and transparent nature, combined with its Ethereum smart contracts and third-party audit, allows the platform to be secure.
BTCMTX is available for $0.0136 in the current presale.
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