It was on Thursday when the trading price of Solana (SOL) entered the red zone. On that particular day, the trading price of SOL hit a really low note.
The price graph suggests that Solana’s trading price hit a three-month low. This is because a huge slump is being recorded in the cryptocurrency market.
The dip can be attributed to the dip in the economy due to the increasing inflation and interest rates. As investors are losing confidence in investing in cryptocurrencies, the demand for the digital asset industry seems to be fading.
As the protocols are not able to offer anything promising, they are recording dips in their trading prices. Solana is also suffering from the same downtrend as its trading value fell by 2.39% in the past hour.
In the past 24 hours, the trading price of Solana has recorded an over a 5% dip. This has caused the trading price of Solana to hit a three-month low.
The report shows that on August 31, the trading value of Solana was at a high of $32.38 per SOL. However, as the price of SOL experienced a dip, it was down to $30.51 per SOL the very next day September 1.
The recent decline has caused the trading price of SOL to pull down to the floor price of $29.90 per SOL.
The month of August has proven to be very cruel on SOL as the digital asset has recorded an alarming slump in the particular month.
The peak price Solana hit in the month of August was on the 13th when it hit a high of $48.32. However, the lowest price SOL hit in the same month was on August 29, when it fell to $29.91.
Even in the month of September, the sentiments of the investors have remained bearish. The RSI for SOL has also shifted into the negative zone.
While the entire crypto-verse has continued suffering from the crypto downtrend, Litecoin has recorded a significant push. Its price has climbed at a significant rate and on Thursday, LTC’s performance was remarkable.
On Thursday, the trading price of Litecoin hit a higher level as it pushed up to $56.50 per LTC. The price of LTC climbed to the high level of $51.85, which was the two-month low for LTC.
The recent push has helped form a strong rally and has moved its trend to the bullish side. As the price of LTC has continued rising, it has managed to come close to the resistance mark of $57.
If the bulls manage to gain more momentum and the rally sticks around for good, the trading price of LTC may rise tremendously.