Solana under potential capitulation as SOL price drops below key metric for first time since 2022

Solana’s price falls below the key technical level for the first time since March 2022, signaling the prolonged potential to come.

Solana’s price (GROUND), once the third more important token by market capitalization, after Ethereum (Ethn) and Bitcoin (BTC), plunged below the price level made on March 11 for the first time in almost three years.

Data from the Blockchain Glassnode analysis company shows That the soil price is now about 8% lower than the price made of $ 134, which was seen for the last time on March 9.

The price made represents the average price to which Solara The tokens were moved last time or bought. When the price drops below, this may indicate that many holders are underwater, which means that they have paid more for their chips than they are worth.

The last time that Sol fell below this technical level, it was in March 2022, when the price entered a slide of several weeks, recovering only above this level in November 2023. However, there were cases where the price was briefly fell below this metric, as in November 2020, when it fell below $ 2, but then recovered in February 2021, show.

We do not know how things will take place this time, because the soil decline coincides with a large market sale. Defillama data shows This Solana turnover has dropped to around $ 420,000 a day, a drop of 90% since January, when Sol was traded at $ 250, probably triggered by the frenzy of the same.

In October 2023, the Vaneck asset management company foreseen That Solana could see a growth of 10,000% value by 2030 if the blockchain attracts 100 million users. In its various evaluation scenarios, Vaneck recognized a lower affair, where Sol could exchange approximately $ 9.81, although it also noted that a Haussier scenario could push the ground price above $ 3,200 by 2030.