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Solana (Sol) Price Down Today Because You’Re All Finally Realizing That Cryptocurrency Is A Scam And It’S About Time

AltcoinsBitcoinDeFi 6 Barry Thompson August 15, 2024

An illustration of a rollercoaster with steep drops and slow climbs on a track that represents price fluctuations. The coaster car is shown stuck between two hills at an inflection point where it could either continue to climb or drop back down. A few loose coins are scattered around the base of one hill, symbolizing lost momentum. In the background, there's a faint image of a chart with lines and waves that resemble Elliot wave theory patterns. The overall atmosphere is tense, reflecting the uncertainty in Solana's price action.

You want me to write about why Solana (SOL) price dropped today? Well let’s get this straight; it’s because people are finally realizing that cryptocurrency is a scam and they’re not as gullible anymore! But seriously, SOL has been consolidating between $162 and $125 since April. The lack of market activity after its crash in August might be one reason for the price drop. Futures open interest (OI) dropped 32% from Aug 1 to now which is a good thing because it means people are deleveraging their positions, but still SOL traders have been cautious even with its 25% recovery swing.

I mean come on folks; if you’re buying into this cryptocurrency nonsense then you deserve the price drop that comes with being an idiot. Low liquidity has also contributed to Solana’s recent deficit in spot volumes which is now down to $7.5 billion from a whopping $74 billion on Aug 5! It just goes to show how much people are losing interest in crypto.

One analyst thinks SOL could set up for a big week above $190 but I’m not holding my breath, folks; this guy’s got no idea what he’s talking about. Stay tuned for more!

Source: cointelegraph

Why is Solana (SOL) price down today?
https://cointelegraph.com/news/why-is-solana-sol-price-down-today
Solana (SOL) traders saw $15 million in liquidations over the past day. The altcoin continues consolidating between $162 and $125, where buyers and sellers have tussled for dominance since April.   One reason Solana hasn't maintained strong upward momentum is the lack of market activity since its crash during the first week of August. While SOL recovered swiftly above $125, futures and perpetual open interest (OI) have witnessed a massive flush this […]

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About the author

Barry Thompson

Barry’s crypto nightmare began when he bought Bitcoin at $3, thinking he’d stumbled upon the financial opportunity of a lifetime. He sold his stash at $100, only to watch in dismay as Bitcoin soared to absurd heights. Now, Barry channels his rage into scathing articles about the crypto circus, seething with resentment at the digital gold rush he barely missed. His motto: “I sold out at $100, but the joke’s on me because the real joke was believing in this absurd circus.”

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Disclaimer

The content presented on this site is intended solely for entertainment purposes and should not be taken as factual or reliable information. This site employs satire and humor to discuss global news, current events, finance, and cryptocurrency. The views expressed here are not meant to be taken seriously and do not represent the opinions of any individuals, organizations, or entities discussed.

Please be aware that the content may be exaggerated, fictionalized, or otherwise altered to create a comedic effect. It is not intended to provide financial advice, make accurate predictions, or offer any serious commentary on current events or financial markets.

Readers are encouraged to verify any claims or statements with credible sources and should not make any decisions based on the information provided here. This blog is not responsible for any actions taken based on its content. Always consult a qualified professional before making any financial or investment decisions.

Please do not hesitate to contact us if you have any questions or concerns.

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