Outside Source
Solana’s (SOL) price has continued to slide this week, dropping another 4% over the past 24 hours to hit $82.60.
This decline comes amidst ongoing weakness in the broader crypto market, with Bitcoin (BTC) and Ethereum (ETH) also posting losses.
However, while Solana struggles, the new altcoin Bitcoin Minetrix (BTCMTX) has seen enormous success in its presale – and is fast approaching the $10 million funding milestone.
Solana Price Drop Deepens Following Rejection of $126 Resistance
Since hitting a high of $126.25 on December 24, the SOL price has declined sharply, now trading 34% below that level.
SOL has closed bearishly in three of the last four weeks and is trending towards another red close this week.
Looking at the technicals, a key catalyst for Solana’s downfall appears to be rejecting the $126 zone as resistance.
This zone was tapped back in March 2022 and led to Solana shedding almost 95% of its value in the ten months that followed.
SOL holders hope a similar scenario doesn’t play out this time, given the impressive run the token has been on.
The next key level that traders will be watching closely is $78, which acted as a minor resistance region in early December.
Should SOL return to this area, the hope is that it will act as support – creating a base to stop the ongoing downtrend.
Spot Bitcoin ETFs Trigger Broader Market Slide, Dragging Down SOL
Despite Solana’s recent slide, there hasn’t been any major network issue or clear catalyst behind this latest selloff.
Instead, it appears tied to broader weakness across the crypto markets in the wake of spot Bitcoin ETFs being launched in the US almost two weeks ago.
Investors had piled into Bitcoin ahead of these landmark ETF approvals, sending the coin’s price to $49,000 on January 11.
However, investors began to take profits once the ETFs finally launched, triggering a wave of selling pressure across crypto assets.
Bitcoin has shed 19% from its peak, dragging down altcoins like Solana with it.
Additional pressure on SOL may have also come from investors taking profits after the token’s rise saw it briefly flip Binance Coin (BNB) in the market rankings.
So, while concerning for SOL holders, this latest dip seems driven more by external factors and market conditions rather than anything fundamentally wrong with Solana itself.
Bitcoin Minetrix Presale Powers On & Nears $10m Milestone Ahead of Exchange Listings
While Solana struggles with selling pressure, one crypto project continues to thrive – Bitcoin Minetrix (BTCMTX).
Despite the broader crypto market weakness, Bitcoin Minetrix has seen enormous interest during its presale event, raising over $9.1 million so far.
The project is gaining attention for its innovative “Stake-to-Mine” model that aims to open up Bitcoin mining to a wider audience.
By staking BTCMTX tokens, users can earn “mining credits” to access cloud mining power and receive BTC rewards.
This eliminates the need for technical expertise and costly mining hardware, which have previously created barriers to entry for everyday investors.
Bitcoin Minetrix’s staking protocol has also fueled enthusiasm, with yields exceeding 70% per year for early participants.
As the project approaches its official launch date, Bitcoin Minetrix also recently hit a key milestone, ranking second on the popular ICO analytics site CoinSniper.net.
These factors have already helped the project form a solid community, with hundreds of people joining the official Telegram group daily.
With accessible mining, attractive staking incentives, and continued developmental progress, it’s no surprise that Bitcoin Minetrix is thriving even as major cryptos like Solana slide.
As the presale event rumbles on, the $10 million milestone seems within Bitcoin Minetrix’s reach – setting the stage for a highly-anticipated exchange launch later this year.
Visit Bitcoin Minetrix Presale
Disclaimer: The above article is sponsored content; it’s written by a third party. CryptoPotato doesn’t endorse or assume responsibility for the content, advertising, products, quality, accuracy, or other materials on this page. Nothing in it should be construed as financial advice. Readers are strongly advised to verify the information independently and carefully before engaging with any company or project mentioned and do their own research. Investing in cryptocurrencies carries a risk of capital loss, and readers are also advised to consult a professional before making any decisions that may or may not be based on the above-sponsored content.
Readers are also advised to read CryptoPotato’s full disclaimer.
This article first appeared at CryptoPotato
