Following a price consolidation of $ 143.57 on April 2, Solana (SOL) was down 24% with a unit value trading at $ 110.60 at the time of this writing.
At the same time, SOL is also forecast to decline lower after its price approached the ‘megaphone’ movement pattern.
The megaphone movement pattern refers to the minimum number of the lowest lows and the two highest highs when market volatility is rising.
Even so, investors are still bullish on this asset based on 3 factors:
Coinbase Wallet, OpenSea x Solana
March 18 - Coinbase Wallet has backed SOL coins, inviting a spike in the price of this asset in two weeks.
Coinbase also announced plans to integrate with Solana through connecting Coinbase Wallet with decentralized applications (dApps) and non-fungible tokens (NFT).
March 30 - Solana joins Ethereum, Polygon, and Klaytn after OpenSea supports the network.
Solana dApp data deposit decreased
Solana’s key dApp metrics began to weaken in late March after total locked in value (TVL) fell below 50 million SOL ($ 5.5 billion).
These concerns were allayed with the presence of Solana’s first Ethereum Virtual Machine (EVM), Neon with the launch of the Alpha version on April 5th.
Solana has also accommodated a record over 1.6 million wallets
The DeFi Solana app stands out
April 8 - The number of Solana networks interacting with decentralized applications has increased 11%.
At the same time, the decentralized exchange (DEX), Orca for example has seen 153,290 users.
A total of 212,230 active users were identified, showcasing strong use of DeFi and the NFT market platform within 30 days.
The collapse of the crypto market today is driven by the disappointing performance of Bitcoin (BTC) for being a whales game!
