Solana (SOL) Experiences Notable Price Decline, But Experts Suggest It Could Be an Ideal Time for Accumulation

The current trade price of Sol, the native token of the Solana network, is $138 & this price is 12.5% down over the last 7 days period.

Solana (SOL), a prominent Proof-of-Stake (PoS) blockchain network, is currently seeing a significant price drop. The recent downturn has garnered attention within the cryptocurrency space, especially following a large transaction by a whale investor.

The present trade price of Sol, the native token of the Solana network, is $138 and this price is showing a drop of 12.5% over the last 7 days period.

While this is a bearish signal, some experts and market trends are suggesting that the current drop could present an ideal time for accumulation, especially as meme tokens within the Solana ecosystem continue to boom, presenting another sign of utility for the Solana network.

Legendary Trader John Bollinger on Solana

Legendary trader John Bollinger, who created the widely used Bollinger Bands, shared his thoughts on the current trade price pattern of the Solana network. He noticed a “nice” pattern in Solana's price chart. Bollinger’s analysis points to a potential reversal or stabilisation in SOL's price following the recent drop.

I don't know much about Solana, but that's a %b nice pattern. It needs to hold above the lower Bollinger Band and turn up for confirmation. ( %b divergence) Then you'll have a nice risk/reward trade. Stop under the second swing low.

His observations tend to carry significant weight among traders, adding to the sentiment that Solana may be close to bottoming out and presenting a buying opportunity.

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Whales activity: bearish Signal

On the bearish side, a significant movement of funds has added to the market’s caution. A large Solana whale recently deposited $26 million worth of SOL into Binance, one of the largest cryptocurrency exchanges.

🚨 🚨 184,241 #SOL (26,696,594 USD) transferred from unknown wallet to #Binancehttps://t.co/rnSTugCDhq

Such large deposits are often viewed as a bearish signal for any volatile asset, as they add to the selling pressure which can further drive down the asset’s price This movement has sparked concerns of continued downward pressure on SOL for a short period.

Meme Token Boom in the Solana Ecosystem

In contrast to the bearish signals, the Solana ecosystem is seeing an interesting surge in meme tokens, with one particular meme coin skyrocketing over 1000% in just a week, despite the overall bearish market conditions. The success of these meme tokens reflects the underlying strength and activity within the Solana network, even as the main asset’s price struggles.

NICE PARTNER NEWS WITH OUT LAUNCH CLOSE NOW

@SharbiToken $SHARBI is this week’s top performer in the Solana ecosystem, as the crypto asset marked a 1,184% rise over the last seven days

The dream city of $LTD. Fully fired up and ready for a big launch, impact the Web2 and Web3 … pic.twitter.com/IIWxOB35o6