The price of Solana falls below the major technical level for the first time since March 2022, which further leads to the growing decline.
After Ethereum (Eth) and Bitcoin (BTC), the third largest token by market capitalization, the price of Solana (SOL), has fallen below the price level for the first time in about three years on March 11.
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Data from blockchain analytics firm Glasnode Show The price of Sol is now about 8% less than the actual price of $ 134, which was last seen on 9 March.
The realization value represents the average value on which the solan tokens were finally transferred or purchased. When the value falls under it, it may indicate that many holders are under water, which means they pay more for their tokens, as they are now worth.
The last time Soul fell below the technical level that was in March 2022, when the price entered a multi-weekly slide, only recovering above that level in November 2023. However, there have been cases where the price was briefly fallen below this metric, such as in November 2020, when it fell below $ 2, but then February 2021, Glasnod’s data reached the show.
It is unclear how things will be revealed this time, as the decline of Sol coincides with a broad market sales. Data from Difilama Show Solana’s fee revenue has fallen to about $ 420,000 per day, a decline of 90% since January, when Soul was trading at $ 250, was possibly triggered by Memcoin frenzy.
In October 2023, Asset Management Firm Vanak Predictive If the blockchain attracts 100 million users, it may see a 10,000% increase in the price by Solna 2030. In its diverse assessment scenarios, Wanek accepted a recession case, where Soul could trade around $ 9.81, although it was also noted that a rapid landscape could push the sole value above $ 3,200 by 2030.
