• The Solana blockchain network has seen a bullish reversal after its native cryptocurrency SOL saw a struggle to reclaim $20 over the past seven days.
• Recent activity by an anonymous whale and the ending of the Grizzlython Hackathon have contributed to an uptick in sentiment towards SOL.
• Crypto traders are predicting a 10% pump as SOL enters a “Bullish Deep Crab” harmonic pattern.
Crypto Crisis Favors SOL
The current centralized banking crisis has been favorable for cryptocurrencies, with the majority of the top ten coins flipping into an upward trajectory over the past week. Solana (SOL) saw a struggle to reclaim $20 until March 12th, 2023 but has since assumed an inclining trend on the seven-day price chart due to whale activity and changes in market sentiment.
On March 13th, cryptocurrency transaction tracker service Whale Alert revealed that 537,352 SOL (worth approximately $10.5 million at the time of writing) was transferred from an unknown wallet to Coinbase exchange (CEX). Although this transfer was significant, there has not been any reflection of a significant withdrawal on the price chart indicating that it may be part of accumulation rather than selling off.
Crypto trader Kar Crypto has shared an analysis on Twitter claiming that Solana is entering a „Bullish „Deep Crab“ harmonic pattern“ and predicting that SOL is on its way to a 10% pump. Furthermore, Solana is nearing completion of its Grizzlython Hackathon wherein community members compete for cash prizes by building mobile-first Web3 projects – garnering close to 53,000 views in just ten hours after its publication.
Retracement Amidst Corrections
Amidst border crypto market corrections, SOL had retraced from its recent one-month low on March 10th with prices opening at $16.48 and peaking at $16.55 before closing at $15.81 towards the end of day trading – representing nearly 4% losses over 24 hours before regaining momentum back upwards against USDT trading pair with prices currently holding steady above $18 range as per CoinMarketCap figures last updated on March 14th 2021 UTC+00:00 00:30 AM GMT+0 respectively.
Overall, cryptocurrency traders remain bullish on Solana’s native token SOL amidst current market conditions with predictions suggesting further upside gains ahead as institutional activity continues fueling crypto markets alongside retail investors alike – especially considering recent news surrounding traditional financial institutions like Silicon Valley Bank (SVB) Silvergate & Signature Bank facing meltdown due to negligence in managing customer funds appropriately which resulted in customers losing trust & funds within their respective banks making cryptocurrencies more appealing going forward as unprecedented times calls for new solutions outside legacy financial institutions given their inability & lack of trustworthiness amongst consumers worldwide