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Solana price hits lowest point in six months, recovery likely as the Ethereum-killer leads in Web3 gaming

  • Solana price has dropped 69% over the past six months, hitting its lowest since August 2021.
  • Analysts identify the Solana price chart's falling wedge pattern and predict recovery in the ongoing cycle.
  • UK-based game development and animation studio founder believes Solana could leave Ethereum in the dust in Web3 gaming.

Solana price plummeted nearly 5% over the past week, hitting the lowest price in the last six months. Analysts believe Solana price could recover from a recent drop as the altcoin competes with Ethereum. 

Also read: Gold Price Forecast: XAUUSD nearing the critical $1,900 level

Solana price hits six-month low, competes with Ethereum in the Web3 ecosystem

Solana price plunged consistently for the past six months. After hitting an all-time high four months ago, the altcoin dropped 69%. Solana hit its lowest point, close to $79. Proponents believe that the Ethereum-killer can break its sharp downtrend and recover to $85. 

Analysts argue that selling pressure on Solana price remains; however, bulls have pushed the Ethereum-killer to its resistance. 

The altcoin competes with Ethereum in Web3 gaming. Amio Talio, the founder of UK-based Paradox Studios, believes that Solana's building language attracts more developers compared to the Ethereum network. 

Talio explains that games like Star Atlas on the Solana blockchain offer users the opportunity to earn cryptocurrency, increasing their wallet balance. This makes it more lucrative compared to games on other platforms. 

Analysts have evaluated the Solana price trend and identified a falling wedge pattern. This is considered a bullish signal for the Ethereum-killer, and analysts believe Solana price will likely recover. 

FXStreet analysts believe Solana price remains at risk of collapse. The Ethereum-killer altcoin's price could dip lower as it continues to descend. The downside for Solana could be swift and violent, as analysts set a target of $50 for the Ethereum-killer. 

Solana price is headed for the 100% Fibonacci extension, or the top of the upper range of the current high volume node. Analysts have a bearish outlook on Solana price. 

Author

Ekta Mourya

Ekta Mourya

FXStreet

Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.

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