Altcoins
Solana Price Falls as New Altcoin Emerges as Powerful Alternative
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Despite a strong pullback this week, Solana continues to decline as its price approaches $100. Currently, SOL is down 3.51% today, trading at $102.
However, other projects are seeing success, with the Bitcoin Minetrix presale raising over $11.3 million.
Solana is weak
Solana’s pullback led to significant selling pressure this week, with the price falling 8.37%, wiping more than $4 billion from its market cap.
Meanwhile, altcoins like Ethereum and BNB have shown strength, illustrating Solana’s rotating interest in other cryptos.
The Solana price chart shows a rejection from the top of its current trading range, followed by a breakout below the mid-range. The current daily candle rejects the level, forming a retest that will swing support towards resistance.
Another bearish signal is that Solana’s trading volume has steadily declined since November, reflecting waning trader interest in the asset.
This indicates slowing momentum, meaning a move towards the low of the $80 range could be on the horizon.
Meanwhile, speculation is growing that Solana is losing even more strength compared to other cryptos. Several respected analysts have published chart ideas anticipating further declines, including IamCryptoWolf.
The analyst recently said that Solana is “toasted” by Ethereum and posted a price chart that predicted a sell-off of over 50%.
Plus, a recent poll by influencer Lark Davis request its supporters, whether Solana or Injective Protocol, will make more money this cycle.
More than 9,000 voters participated, with 54% speculating that INJ will outperform SOL.
Analysts are also tired of Solana’s price action against the US dollar.
Renowned trader Alan Santana fears Solana could be headed towards $27 based on a “perfect head and shoulders model.”
Its current price of $102 shows that the analyst’s prediction is coming true.
However, while Solana is going through difficulties, other altcoins have started to prosper. As mentioned, traders expect Ethereum and Injective to outperform Solana, but another alternative is Bitcoin Minetrix.
Currently in pre-sale, the project is gaining considerable momentum, having recently surpassed the $11.3 million mark.
Bitcoin Minetrix Presale Reaches $11.3 Million
Providing transparent cloud mining while tackling common security issues, the Bitcoin Minetrix the presale is successful.
Having raised more than $11.3 million to date, the project has attracted interest from analysts and the media.
Media organizations like Cointelegraph, BeInCrypto, Bitcoin Magazine, and Business Insider all covered the presale.
Many analysts have also noticed this; in a recent video, Austin Hilton warned investors that the pre-sale is selling out quickly.
Hilton explained the basic principle of Bitcoin Minetrix and how it efficiently tokenizes and distributes cloud mining power on the Ethereum network.
The project operates thanks to users staking BTCMTX on its Ethereum-based platform for cloud mining credits. They can burn these credits to get BTC cloud mining power.
In addition to being a simple and beginner-friendly way to earn Bitcoin, the concept of Bitcoin Minetrix solves the security concerns associated with cloud mining.
Previously, cloud mining operators had been accused of fraudulent practices, resulting in substantial losses for customers.
However, its decentralized and transparent nature, combined with its Ethereum smart contracts and third-party services Audithelps secure the platform.
BTCMTX is available for $0.0136 in the current presale.
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