Is Solana Headed for a Deeper Correction?

 

Is Solana Headed for a Deeper Correction?

Recently peaked in the first half of the year, Solana (SOL) has cooled off since. It boasts a market cap of over $97.87 billion and daily trading volume of over $6.26 billion, down almost 10%, while bearish pressure is building.

The traders are concerned that the short-term support levels are being tested as well, specifically because network congestion problems and fee volatility remain significant issues for the ecosystem.




Most altcoins are faring the same as part of a broader risk-off sentiment in the market. Despite Solana's reputation for speed and scalability, the recent pullback has tried out the long-term holders. Some investors are rolling over into newer projects with good fundamentals and new real-world applications.
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