• The Solana Foundation has powered a four-day offline event, offering in-person guidance from Solana Labs engineers. 
  • Solana price continued to bleed, posting 14% losses over the past two weeks. 
  • Crypto Twitter speculates OpenSea’s integration with Solana, fueling a bullish sentiment among investors. 

Solana, considered an Ethereum-killer, continues to decline despite the launch of a hacker event in Seoul. Analysts continue to remain bearish on Solana price. 

Solana Labs powers Seoul Hacker event 

The Solana Foundation powered a four-day offline event with in-person guidance from the core Solana Labs engineers. Solana has offered mentorship for attendees and during the event, engineers offer informative educational programming around DeFi, NFTs and how to get started on Solana. 

Advice and support from core Solana Lab engineers could help projects get started on the blockchain. Despite kicking off the event, Solana price failed to recover from the slump. 

Before the Seoul event, there was a Web3 coding camp awards ceremony that Solana powered in Vietnam. Events have fueled a positive outlook in the Solana community. 

Solana continues to bleed, posts losses 

Analysts have evaluated the Solana price chart and believe the altcoin is one slide away from a 40% decline. Solana’s breakdown could result from the descending triangle pattern in the altcoin’s chart. Solana price has consolidated inside the triangle and the bearish trend could continue. 

Azeez Mustafa, a crypto analyst argued Solana price is moving sideways and the altcoin remains below the 9-day and 21-day moving averages and SOL could continue to plummet below $34. 

SOL-USD price chart

SOL-USD price chart 

Solana price reached its all time lows on the RSI recently. The last time Solana was at this RSI level, it witnessed prolonged selling pressure and was followed by a trend reversal. However, Solana price has hit a historical demand area and is going through a period of prolonged sell-side pressure on volume. 

Solana is approaching the demand area and the altcoin could witness high levels of seller volume. Analysts believe Solana price could flip to the top of the purple box into new resistance and promote further consolidation. 

SOL-USDT price chart

SOL-USDT chart 

FXStreet analysts believe Solana price has lost its bullish potential due to network outages. For more information, check this video:

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Shiba Inu price edges close to a 60% breakout as bears watch in disbelief

Shiba Inu price edges close to a 60% breakout as bears watch in disbelief

Shiba Inu price has managed to stay above the POC at $0.0000118, indicating support from bulls. A continuation of this momentum could trigger a 60% rally to $0.0000200. A daily candlestick close below the $0.0000106 support level will invalidate the bullish thesis for SHIB.

More Shiba Inu news

XRP price attempts a 15% rally on Ripple’s interest in buying Celsius' assets

XRP price attempts a 15% rally on Ripple’s interest in buying Celsius' assets

XRP price shows a willingness to move above a significant resistance level, which it has attempted to do so for the past three months and failed each time. While this attempt is like any other and could fail, especially if the momentum is lacking. 

More Ripple news

Avalanche price makes a turn for the better

Avalanche price makes a turn for the better

Avalanche price shows classic ramping pattern accompanied with price ascension. AVAX price has breached the oversold level on the Relative Strength Index. If the technicals are correct, a breach of the $50 barrier could happen rapidly.

More Avalanche news

Binance Coin Price Prediction: Whales take naps at the shore

Binance Coin Price Prediction: Whales take naps at the shore

Binance coin shows reasons to believe in a market bottom. Traders should keep the smart contract giant on their watchlists throughout the summer. Binance coin price is beginning to show evidence of strength.

More Bitcoin news

Bitcoin: If bulls lose control here, BTC could revisit $21,000

Bitcoin: If bulls lose control here, BTC could revisit $21,000

Bitcoin price shows an interesting setup that could reveal its next move. On closer inspection,  its technicals support a bearish outlook for the leading crypto.  

Read full analysis

BTC

ETH

XRP