Solana (SOL) is one of the most popular cryptocurrencies in the market, known for its fast transaction speeds and low fees.
The platform has been gaining popularity in recent months, with investors flocking to it as an alternative to Ethereum. However, the market slump early in March hit SOL hard, with its value dropping by over 20% following the collapse of the Silicon Valley Bank (SVB).
This slump has been a significant blow to SOL investors, many of whom were banking on the platform’s long-term potential.Read Price Prediction for Solana [SOL] 2023-24 In fact, the price even declined below the $20.50-support zone, with SOL trading around $17.55 at the time of writing.
Such has been the scale of the downtrend SOL has been on over the past few months. Solana has remarkably recovered from the losses it posted in November and December 2022, especially for a multibillion-dollar market-cap asset.
Read more on ambcrypto.com