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Despite a strong decline this week, Solana continues to decline as its price falls towards $100. SOL is currently trading at $102, down 3.51% today.
However, other projects are seeing success, with the Bitcoin Minetrix presale raising over $11.3 million.
Solana is weak
Solana’s decline caused significant selling pressure this week, with its price falling 8.37%, wiping more than $4 billion from its market capitalization.
Meanwhile, altcoins like Ethereum and BNB are showing strength, showing interest rotating from Solana to other cryptocurrencies.
The Solana price chart shows a rejection at the top of the current trading range followed by a breakout below the mid-range. The daily candle is currently rejecting the level, forming a retest that turns support into resistance.
Another bearish sign is that Solana’s trading volume has been steadily declining since November, reducing trader interest in the asset.
This indicates that momentum is slowing, and a move towards the low $80 range could be imminent.
Meanwhile, there is speculation that Solana will lose even more power compared to other cryptocurrencies. Several respected analysts, including IamCryptoWolf, have published chart ideas predicting further declines.
An analyst recently said that Solana is being “baked” by Ethereum and displayed a price chart predicting a selloff of over 50%.
Additionally, a poll by influencer Lark Davis recently asked his followers whether Solana or Injective Protocol could make more money this cycle.
Over 9,000 voters participated, with 54% guessing INJ would surpass SOL.
Analysts are also tired of Solana’s price action against the USD.
Renowned trader Alan Santana fears Solana could head towards $27 following a “perfect head and shoulders pattern.”
The current price of $102 shows that analysts’ predictions are coming true.
But while Solana struggled, other altcoins also began to thrive. As mentioned earlier, traders expect platforms like Ethereum and Injective to outperform Solana, but another alternative is Bitcoin Minetrix.
Currently in pre-sale, the project is gaining significant momentum, recently surpassing $11.3 million.
Bitcoin Minetrix presale price reaches $11.3 million
The Bitcoin Minetrix pre-sale has been a success, offering seamless cloud mining while addressing common security concerns.
The project, which has raised more than $11.3 million to date, has sparked interest from analysts and media outlets.
Media organizations such as Cointelegraph, BeInCrypto, Bitcoin Magazine, and Business Insider have all covered the pre-sale.
Many analysts have also picked up on this. In a recent video, Austin Hilton warned investors that pre-sales are selling fast.
Hilton explained the core premise of Bitcoin Minetrix and how it effectively tokenizes and deploys cloud mining power on the Ethereum network.
The project is powered by users staking BTCMTX on an Ethereum-based platform for cloud mining credits. They can burn these credits for BTC cloud mining power.
The concept of Bitcoin Minetrix is not only a seamless and beginner-friendly way to earn Bitcoin, but it also solves the security issues associated with cloud mining.
Previously, cloud mining operators have been accused of fraudulent practices, causing significant losses to their customers.
However, the decentralized and transparent nature, combined with Ethereum smart contracts and third-party auditing, ensures the security of the platform.
BTCMTX is currently available in pre-sale for $0.0136.
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