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Since Solana was created on March 16, 2020, the crypto has grown to become one of the top 10 digital assets today.
In an X post, Solana shared what it has accomplished over the course of its half-a-decade existence, citing that it has facilitated over 408 billion SOL transactions, more than 1,300 validators, and at least $987 billion in volume.
#bitcoin Bitcoin is not the only one that has suffered. Investors are becoming concerned as the flagship cryptocurrency has followed the recent decline in the S&P 500. But if past performance is any indication, Bitcoin might be experiencing a resurgence.
United States President Donald Trump assumed office in November for a second term, but since then, the US stock market has dropped by about 10%. Since the global recession hit the markets hard in 2009, this is the worst start to a US presidency. Although there are numerous causes for this decline, uncertainty on economic strategy and worries about inflation have contributed.
In the past, it has often signaled impending volatility when the S&P 500 and Bitcoin decline simultaneously. The bear market of 2022, which saw prolonged losses, was the last time both markets fell precipitously at the same time. Not all dips, though, lead to protracted downturns. Some have led to a notable rebound, especially since the cryptocurrency’s halving cycles
Miners often sell BTC to cover operational costs, especially during price declines. If miner selling pressure continues, it could limit Bitcoin’s ability to recover in the short term. However, if buyer demand remains strong enough to absorb the excess supply, Bitcoin may stabilize at its current levels before attempting a rebound.
Bitcoin has continued its downward trend despite briefly surging to $94,000 last week, a move that had initially fueled investor optimism. Since hitting that level, the cryptocurrency has steadily declined, now trading below $80,000 as of today.
While the short-term price action suggests a bearish outlook, some analysts remain confident about Bitcoin’s potential for long-term growth.
The TradingView analyst shared a chart suggesting that Bitcoin could rise as high as $106,000 or drop toward the $60,000 to $65,000 range if it fails to break resistance. This price drop is highlighted as a strong buying and accumulation opportunity for long-term investors, as it presents a low entry point into the market.
During its price highs, many retail investors were likely unable to buy Bitcoin due to its increasing cost. Most accumulations were from whales who had purchased millions of dollars worth of Bitcoin in one swoop.