Exploring the Bitcoin Price Decline: Key Market Trends with Emphasis on Solana (SOL)

Bitcoin Price Recovery

Bitcoin price was over $70,500 at the time of writing, recovering from its March 20th low. The price, having climbed back above $70,000 from $60,775, was influenced by recent ETF withdrawals but this rebound has also increased the appetite for risk in altcoins.

SOL Coin and Market Insights

In the past 24 hours, we couldn’t see parabolic rises in altcoins as the BTC price failed to hold above $71,000. However, there is an important detail that could motivate investors until the US market opens. It is the fact that, despite the absence of IBIT data, the net inflow in the ETF channel has exceeded $200 million.

The latest move by the US Department of Justice, which has brought criminal charges against the KuCoin exchange and two of its founders, was a development that dampened risk appetite. The ministry, claiming over $5 billion was laundered, did not trigger as much FUD as feared. SOL Coin was trading above $190 at the time of writing.

It is expected that the macro data coming on Friday will not cause significant negativity. Accordingly, just as last week was negative, this week could end on an optimistic note with the end of March.

SOL Coin Predictions

Solana‘s DApp volume increased by 334% in 30 days, and these gains are largely being maintained. While BNB Chain and Arbitrum experienced growth of 146% and 82% respectively, Solana’s positive divergence is dazzling. Accordingly, we could see SOL Coin rise by the end of the month.

Another detail expected to have a direct impact on the price is the revived demand in derivative markets. We had been saying that sellers might be encouraged due to the market being flat for a while, but this has changed.

SOL Coin faces a tough barrier at $195, and if the positivity on the BTC side continues as expected this week, the resistance could be overcome. Subsequent targets would be $205 and $220 levels.

In the opposite scenario, the possibility of a drop to $138 remains. During this period, potential surprise airdrops or new meme coins launching on the Solana network could be supportive for the demand for the altcoin.