Solana drops below $90, new altcoin emerges as alternative

Crypto prices are down with traders anticipating further volatility this week. One project that’s trending lower is Solana. It is down 11.4% in the past seven days, dropping to $86.95. However, analysts are bullish on Bitcoin Minetrix as its presale surges past $7.8 million.

Crypto volatility to rise as ETF approval deadline looms

Concerns of mass volatility have taken their toll on Solana’s price, with it recently touching its lowest in three weeks.

Currently, Solana is trading at $90.8, down 4.9% today. It has also suffered a 29% decrease from its local top of $124. 

Experts are concerned of even more downside potential, likely induced by immense volatility as the market reacts to upcoming Bitcoin ETF news.

Trader Kaz The Shadow recently posted a broader market overview, warning investors that “volatility will be very high” this week.

He concluded, “If you are not experienced in the market with these bounces, wicks and scam moves and don’t know how to manage your risk then you shouldn’t trade or just lower your size.”

Meanwhile, other analysts are expecting Solana to retrace deeper before a potential next leg up.

One of those is Jelle, anticipating SOL “could dip as deep as $70 and it’d be a perfect bull-market retest.”

This analysis implies that there will be an uptrend continuation once Solana retests $70.

Meanwhile, Pentoshi holds a similar outlook, predicting Solana will sell off to $70 before bouncing and continuing to climb.

The analyst explained in a recent tweet “not sure we get as low as I have here, but do expect at some point to be able to bid in the $70’s.”

But not all analysts are confident Solana will switch bullish after a short-term pullback.

The Crypto Dog explained a theory that the market is near its current cycle’s top.

Given the proximity to the Bitcoin halving, this would be an unprecedented occurrence, if accurate. The Crypto Dog alludes that the recent rally was “spurred on by the BTC ETF.”

However, he also believes that the “catalyst ran its course,” and “now we need to crash and cool off for awhile before the next rally.”

The tweet has already received 568K impressions, but received an overall negative response from other leading analysts, with Satoshi Flipper responding “$44k is the top of this cycles bull market?” 

Ultimately, crypto’s unprecedented landscape with Bitcoin ETFs potentially days away is injecting uncertainty and doubt into the market. This has taken a notable effect on Solana’s price, but many analysts expect a continuation of high volatility before a recovery in the coming weeks.

Yet, despite the turbulent market conditions, some cryptos have pushed ahead unfazed. One of those is Bitcoin Minetrix..

Bitcoin Minetrix presale raises over $7.8 million

Bitcoin Minetrix is a stake-to-mine project whose presale is in progress. 

It works by users depositing their BTCMTX to the project’s staking dashboard, where they will receive Bitcoin mining credits as rewards.

They can then burn these credits on the platform in exchange for Bitcoin cloud mining power.

The process allows users to mine Bitcoin regardless of their technical expertise or financial resources.

What’s more, it mitigates the risk of scams, a prevalent concern among many potential cloud mining users.

Other benefits include no space or noise constraints on the user and that it offers a greener alternative to traditional Bitcoin mining.

These factors have drawn interest from analysts, investors and media outlets alike. So far, the presale has raised over $7.8 million. 

Meanwhile, expert analysts like Jacob Bury say the project will rally.

Also, top media outlets like crypto.news have featured the project.

Currently, BTCMTX is available for $0.0127 in the ongoing presale.

Follow Us on Google News