Solana (SOL) has struggled to gain momentum this week, with its price falling below $105 today.
This poor performance has led to worries that SOL may dip back under the $100 mark for the first time since early February.
However, one project that could be set to surge soon is Bitcoin Minetrix (BTCMTX), which has now raised over $11 million in its presale.
Solana’s Struggles Continue as Token Heads Towards $100 Level
Solana’s price action has been lackluster over the past week – a concerning trend for a top 10 cryptocurrency.
After hitting highs of $118.50 last Thursday, SOL has posted six out of seven red daily closes since then, unable to find any upside momentum.
This poor run of form now has Solana trending towards the critical $100 level, which would mark a psychologically important dip if breached.
Trading volumes have also dried up recently, declining 15% since yesterday alone.
This suggests waning interest in SOL at the moment from speculative traders.
Solana’s struggles have seen it lose ground rapidly – it has now been flipped by Binance Coin (BNB) in terms of market cap and 24-hour volumes.
Both metrics highlight how quickly Solana is losing relevance amongst the world’s top cryptos.
So, although the broader market has shown signs of consolidation lately, Solana stands out as a notable underperformer.
On-Chain Data Reveals Fading Solana Usage & Sentiment
Solana’s troubling price action can’t be blamed solely on market conditions.
On-chain data highlights fading usage and sentiment around SOL at the moment.
The number of active addresses on Solana has dropped from 1.02 million on February 1 to just 689,000 yesterday – a 32% decline in three weeks.
This suggests that user interest in Solana is rapidly dissipating.
Moreover, the long/short ratio on Coinglass for SOL derivatives is below 1, indicating a higher number of short positions betting against the token.
This bearish sentiment has resulted in a spike in liquidations – $6.95 million in positions were liquidated in the past day.
Although the liquidations were almost evenly split between longs and shorts, continued SOL weakness could fuel capitulation as stop losses are triggered.
With both on-chain and derivatives metrics painting a concerning picture, Solana bulls look to be on the back foot.
Consequently, the likelihood of SOL falling below $100 in the near future has significantly increased.
Bitcoin Minetrix Poised to Surge as Stake-to-Mine Tokenizes Mining Power for the Masses
While the likes of Solana struggle in the current market conditions, smart crypto investors know that bearish trends often cause the next generation of winners.
One project that seems set to thrive, regardless of the broader market weakness, is Bitcoin Minetrix.
Bitcoin Minetrix has quickly captured attention for its unique value proposition – tokenizing Bitcoin mining power for the masses.
By staking the platform’s native BTCMTX token, users can accumulate mining credits without incurring high electricity costs.
These mining credits can be burned for hash power to mine Bitcoin.
This ingenious Stake-to-Mine model has struck a chord with crypto investors, evidenced by over 14,300 people joining Bitcoin Minetrix’s Telegram channel.
Presale participation has also reflected this strong interest, with over $11.2 million in funding already raised.
As the presale progresses, analysts have predicted BTCMTX’s value could explode after being listed on exchanges.
YouTuber Jacob Bury even described it as the “best crypto to buy now” in a video to his 28,000 subscribers.
Furthering the project’s appeal even more is that Coinsult has audited Bitcoin Minetrix’s smart contracts and deemed them secure.
With BTCMTX tokens still on offer for the discounted price of $0.0136, risk-tolerant investors may wish to consider getting in on the action before the presale ends.
Visit Bitcoin Minetrix Presale
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