While the whole altcoin market is witnessing a downward trajectory, two legacy projects, Solana (SOL) and Chainlink (LINK), are showing significant price pitfalls, with investors shifting to new avenues of investment. In this article, we’ll discuss why these projects have failed to show strong price breakouts.
Solana’s Daily Users Fell By 1.3 Million Amid High Sell-Offs By Whales
After Solana network rolled out its Anza Upgrade, its congestion problems are now observed to be solved after it surpassed the Binance Smart Chain in stablecoin transactions exceeding 69 million. Despite this milestone, the price of SOL tokens is witnessing a massive decline as investors seem to lose traction.
With a falling DEX volume, the number of daily active users on the blockchain fell by 1.3 million, highlighting a sentiment shift among the community. Recent whale reports marked a notable transaction of 179,999 Solana tokens, worth $26.14 million, to the Binance Exchange, triggering a selling pressure for the SOL token.
The trading volume of SOL has dropped by 26% to $2.2 billion within a few days. X follower activity of Solana has also declined by 31%. Analysts anticipate a further price retracement to $132 support level if the token fails to hold above $138. The token is currently down by 25.8% on the monthly chart.
Chainlink Fails To Show Price Breakouts In Q1 As Bears Takeover
Chainlink (LINK), despite many new developments, has witnessed a sluggish and disappointing trajectory in 2024. The LINK token is witnessing a 27% on the monthly chart, even after its recent launch of the Cross-Chain Interoperability Protocol (CCIP) and forward steps to expand asset management capabilities with tokenization
The LINK token is expected to close Q1 of the year after failing to sustain above the $20 threshold. Trading at $13.9, the token has faced strong selling pressures and fading social dominance, struggling to uphold investor expectations for significant price breakouts. The market cap of the token has dropped to $8.1 billion in the recent market dip.
With all these bearish trendlines for Solana and Chainlink, investors are shifting to DTX Exchange, ready to exhibit remarkable price performance in Q2 of 2024.
Investors Flock To DTX Exchange’s Astounding $480,000 Presale
DTX Exchange (DTX) is setting the stage to revolutionize the trading industry with its hybrid platform, offering access to a diverse range of financial markets, including equities, forex, cryptocurrencies, stocks, and contract-for-differences (CFDs). The platform provides traders with an unparalleled 1000x leverage feature, helping them to capitalize from higher positions.
The project puts a special focus on the security protocols of its trading environment with non-custodial wallets and KYC-free onboarding. Through distributed liquidity pools, users can optimize their funds with no slippage. The project entitles its community members with governance rights and access to mega giveaways.
After a remarkable performance in Q1 of 2024, the project is anticipated to skyrocket beyond $1 in the next quarter. With over $480,000 raised in stage 2 of the presale, the project has turned the heads of global investors.
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