Solana Price at Risk: Can It Hold Above $90 Amid Market Volatility?
Solana’s price faces significant downward pressure, with concerns mounting over a potential drop below $90. The cryptocurrency’s struggle reflects broader market instability and investor caution, driven by sell-offs and liquidations. The future trajectory of Solana’s price hinges largely on Bitcoin’s performance, which often dictates the movement of altcoins.
Can Solana Price Struggles Lead to a Collapse Below $90?
Solana price continued to face intense downward pressure, raising concerns about whether the cryptocurrency could fall below $90. The ongoing decline reflects broader market volatility and investor caution amid continued sell-offs and liquidations. Odds of Solana’s price action moving in either direction would largely depend on the market’s trajectory, especially Bitcoin price action, which can impact most altcoins’ price action including Solana. Solana reached a new all-time high early this year amid hype of Trump tokens releasing on the blockchain. Additional push was provided during announcements of inclusion in the US’s national strategic reserves. However, Solana price has fallen to levels not seen this entire year. At press time, there was a slight pump owing to Bitcoin turning green for a bit.
SOL Strategies Bought 24,000 SOL in March
SOL Strategies (HODL), a Canadian company running infrastructure on the Solana network, revealed it acquired 24,000 SOL tokens in March at an average cost of about C$199 ($139.8) each. The purchase, worth around $3.37 million, brought the firm’s total SOL holdings to 267,151 tokens. Nearly all of the company’s SOL tokens are now staked across four validators that it operates. Since early March, the company’s share price plunged roughly 25% while SOL dropped 27% over the same period. Since the start of the Trump presidency, SOL Strategies’ stock is down 67%, while Solana has fallen 58%. Led by Leah Wald, a former Valkyrie Investments co-founder, SOL Strategies has been aggressively expanding its validator infrastructure.
Dire Wolf Solana Meme Coin Soars After ‘De-Extinction’ News
The dire wolf went extinct over 10,000 years ago, but on Monday, scientists for genetics firm Colossal Biosciences announced that they had revived the breed. Inevitably, dog-happy meme coin traders took advantage of the news, pumping one Solana token linked to the dire wolf to a market capitalization of $13.61 million. Soon after a New Yorker article announcing the news of the dire wolf’s “de-extinction” was posted, New Ancient DNA Cloned Wolf (REMUS) was created on Pump.fun. The token remained dormant for five hours before skyrocketing to a $13.33 million market cap in a nine-hour timeframe, as the news spread and it appeared that the community had taken control of the project—in what is called a CTO, for community takeover.
Solana Launches Confidential Balances on Mainnet
Solana developers have announced the launch of Confidential Balances on mainnet, introducing a new token standard that allows for encrypted transfers and balances. The confidential balances token extensions leverage zero-knowledge proofs to provide privacy-focused transactions and tools. Quicknode, which announced the deployment, noted that this milestone brings ZK-powered token transfers and hidden balances among others. With this launch, developers can now enable encrypted token balances and transfer amounts while maintaining Solana’s performance advantages.
