Solana proceeds with its downtrends on Tuesday, as the massive bearishness in the overall market weighed on the alt. The past 24 hours had almost all top tokens trading in the red. Bitcoin, the world’s favorite digital token, plummeted beneath the critical price level at $45,000. That happens even after the asset saw multiple fundamental developments capable of price upticks. While writing this content, SOL/USDT trades near $144.07.
Ranking 7th by market value, SOL rode bullish waves in the past weeks before the recent outage that had the token on a plunging trend. At the same time, CoinShares data show that Solana continues to see increased institutional interest despite the latest outage, investing around $4.8 million in the past seven days.
Initially, analysts believed that resource exhaustion caused the outage after the network attempted to massive transactions amount. However, the Solana Foundation investigation concluded that bots, trying a “denial service’ attack, forcing validators to restart the Solana network to remove the damage. Sam Bankman-Fried, a crypto exchanges CEO, told Bloomberg that the Solana outage was frustrating and sad.
For now, Solana trades on extended bearish moves, weighed by the global market sentiment. Contrarily, the altcoin has multiple fundamental developments that might support it if investors join the market. 21Shares, among the renowned cryptocurrency ETP issuers, declared its plans to list SOL ETP. The provider scheduled the event to happen on September 23. With this development, the network will boost investor confidence, heightening institutional inflows and the asset’s value.
Also, a recent Blockworks report shows that VanEck, a known mutual fund an ETF manager, plans to introduce a Solana-linked ETF soon. The company found the high-speed transaction functionalities by Solana impressive. Moreover, the crypto project has many use cases.
SOL/USDT’s four-hour chart shows mixed signs as the momentum indicator, and Moving Averages confirm a bullish case. However, the MACD and other MAs suggest sellers’ presence. For now, SOL’s price hovers beneath the pivot at $153.92 and beyond its nearest support at $132.84%. Increased buying interest might take the asset towards levels past the pivot. Meanwhile, magnified selling activities will have the altcoin hitting the support area.
What are your thoughts on the mixed signals printed by Solana? You can comment below.