The Solana ecosystem is experiencing mixed emotions, as the price of its native SOL token has taken a 9% hit over the past 24 hours.
This pullback comes amid a broader market downturn. Indeed, most major cryptos are seeing red after last week’s bullish momentum.
However, not every cryptocurrency project is feeling the pinch. Specifically, Slothana’s (SLOTH) presale now rapidly approaching the $6 million mark.
SOL Dips 9% in Past 24 Hours After Tapping $200 Resistance
SOL has experienced a significant pullback in the past day, currently trading around $179.
This represents a 9% decline since yesterday and a 12% drop from Monday’s peak. Subsequently, it has effectively erased all of the gains made last week.
SOL is now at its lowest price point since March 24.
The primary cause of this downturn appears to be a rejection of the $200 psychological level. Moreover, this was a scenario that also played out just two weeks ago.
As SOL approached this critical resistance zone, the token faced intense selling pressure, ultimately leading to the price decline.
However, this downturn could present an opportunity for speculative investors.
The next significant support level for SOL is likely situated around the $172 mark.
As such, savvy traders may be viewing the pullback as a chance to accumulate more SOL around this level. Therefore, they have potentially positioned themselves for future gains if market sentiment flips bullish.
Crypto Market Sees $1.8bn Wiped Out as Bitcoin & Ethereum Tumble
While Solana’s downturn may be disheartening, it’s important to note that SOL isn’t the only cryptocurrency that’s seeing a price drop.
In fact, the past 24 hours have been a sea of red for the entire crypto market.
Bitcoin, the world’s largest crypto, has been shaken with a 6% decline. Furthermore, Ethereum has fared even worse, shedding over 7% of its value.
Additionally, the OG meme coin, Dogecoin, has been hit with a whopping 12% drop.
All of this selling pressure has taken its toll on the global crypto market cap. Altogether, it has slumped to $2.38 trillion.
To put that into perspective, that’s $1.8 billion wiped out in a single day.
So, what’s behind this market-wide meltdown?
The dip could be linked to yesterday’s net outflow from spot ETFs, with the Grayscale Bitcoin Trust being the main culprit.
Not only that, but the Crypto Fear & Greed Index, which had been soaring high at 81, has now slipped to 79.
Whether this pullback is temporary or the start of a broader correction remains to be seen, but for long-term investors, it could be an opportunity to buy quality projects at a discount.
Slothana Meme Coin Defies Market Downturn & Nears $6m in Presale Funds
Amid all the doom and gloom in the crypto market, there’s one project that seems to be bucking the trend: Slothana.
This meme coin has been on a tear lately – and shows no signs of slowing down.
While major cryptos like Solana are struggling, Slothana has been quietly gaining traction and racking up impressive gains in its presale phase.
In fact, at the time of writing, Slothana is approaching the $6 million mark in funds raised.
But what’s behind Slothana’s early success?
For starters, the project has managed to tap into the magic formula that has made meme coins so appealing in recent months.
With its hilarious sloth mascot and cheeky branding, Slothana has piqued the interest of retail investors looking for a fun project to get behind.
But Slothana isn’t just another low-cap meme coin that’s being launched on exchanges with no fanfare.
Instead, the developers will be airdropping tokens to presale investors once the crowdfunding phase concludes at a rate of 10,000 SLOTH per SOL.
After the airdrop, the creators plan to list SLOTH on CEXs and DEXs, which will greatly increase accessibility and liquidity.
The project’s Twitter account is now seeing huge growth as excitement around these upcoming listings builds.
All in all, as Slothana’s presale enters its final stretch, investors are eager to see just how high SLOTH can climb.