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Cryptogambling / Solana floats around $100: bearish pressure looming?

Solana floats around $100: bearish pressure looming?

Publish Date: 26/02/2024
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Solana ($SOL) gained popularity during the 2021 NFT and DeFi phenomenon. The value and price of $SOL zoomed up in the last quarter of 2021, setting a quick pace for investors. But 2022 was a challenging year for $SOL due to the failure of FTX, and even after two years, it still hasn’t reached its peak.

Though $SOL has found it tough to stay at $100 lately, meme currencies like $GFOX have grabbed attention with their enticing prices and deals.

Solana’s rise and struggle in the crypto market

In 2017, two people, Anatoly Yakovenko and Raj Gokal, came up with an idea. It took form in 2018, and by March 2020, a brand new project named Solana was launched.

People took notice because it bore a resemblance to the Ethereum network. However, Solana was planned to be a more affordable option, backed by a proof-of-history consensus.

In August 2021, Solana gained traction alongside NFTs because of its cheap transfer and transaction fees. As such, many investors turned to this platform. Its native token, $SOL, became an essential currency for payments and staking. The token also found its value in DeFi platforms and NFT marketplaces.

As of February 23, 2024, $SOL’s price is $102.42, more than 100% below its record high of $259.96 from November 6, 2021. However, the main concern for Solana investors isn’t just the drop from the all-time high.

Instead, they’re worried about the coin’s current struggle to stay above $100. This past week, $SOL lost nearly 10% of its value, stirring anxiety among holders. Charts predict a further fall, possibly to $80, which adds to the mounting concern.

Analysts believe several factors might be behind $SOL’s current price. Some suggest that the overall mood in the crypto market and recent price swings could impact investor confidence in the coin, leading to its impressive run. Others think newly launched cryptocurrencies with unique uses have outshone $SOL’s 2021 popularity and historic high price.

The rise of new affordable cryptocurrencies such as $GFOX is outshining $SOL. This trend is leading investors to buy GFOX during its presale phase.

Galaxy Fox merges meme coins and P2E gaming

Launched in 2023, Galaxy Fox is somewhat of a newcomer. Still, it has upgraded the world of meme coins and play-to-earn (P2E) gaming.

The P2E game lets players make GFOX tokens by playing. It’s a fun Web 3 game that rewards you based on your abilities. If you’re in the top 20% of players, you’ll receive prizes that can be swapped for GFOX tokens.

As an early supporter of $GFOX, you stand to gain a steady passive income simply by staking your tokens. Additionally, you will be in the exclusive club of token holders anticipated to receive up to 3000 NFTs – a limited offer by the network. These NFTs aren’t just for show; they offer in-game boosts and unique gateways into exclusive events.

GFOX is swiftly advancing to Stage 9, completing over 90% of Stage 8 sales. At the current price of $0.002178 per token, individuals who invested early stand to reap substantial profits when the platform is launched on DEX.

Experts believe that GFOX’s value could potentially skyrocket 100 times. After surpassing sales of $3.5 million in mere months, the token has prospects of reaching $5 million by the second quarter of 2024. Its popularity as a meme-centric crypto coin is currently skyrocketing.

$SOL dips as Galaxy Fox rises in the crypto scene

Market trends show that $SOL, a hot crypto pick in 2021, might be heading towards a downswing. If current sentiments hold, we could see it slip under the $100 mark and potentially tumble by another 20%.

Galaxy Fox is a fresh name, bringing exciting features like rewarding gaming experience and community-led activities. As the most popular “meme coin” of 2024, its value is on the rise, and experts believe it could yield a massive 100 times return for early investors.

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