Solana price plunged another 4%, but new altcoin Bitcoin Minetrix is ​​close to $10 million.

Solana (SOL) price continued to fall this week, falling another 4% in the last 24 hours to $82.60.

The decline comes amid continued weakness in the broader cryptocurrency market, with Bitcoin (BTC) and Ethereum (ETH) also posting losses.

But while Solana has been struggling, new altcoin Bitcoin Minetrix (BTCMTX) has seen tremendous success in presales and is quickly approaching its $10 million funding goal.

Solana price decline deepens due to rejection of $126 resistance

Since hitting a high of $126.25 on December 24, SOL prices have fallen sharply and are currently trading 34% below that level.

SOL has closed weakly in three of the last four weeks and is on track to close in the red this week as well.

Looking at the technical aspect, the key catalyst for Solana’s downfall appears to be rejection of the $126 area as resistance.

The zone was tapped again in March 2022, and over the next 10 months, Solana lost nearly 95% of its value.

SOL holders are hoping that a similar scenario will not occur this time around, considering the token’s impressive performance.

The next key level that traders will be watching closely is $78, which served as a minor resistance area in early December.

The hope is that if SOL returns to this area, it will serve as support that could set the stage for halting the ongoing decline.

Spot Bitcoin ​​ETF pulls SOL lower, triggering broader market slide.

Despite Solana’s recent decline, there were no major network issues or clear catalysts supporting this sell-off.

Instead, it appears to be related to widespread weakness across cryptocurrency markets since the launch of the spot Bitcoin ETF in the US almost two weeks ago.

Investors flocked to Bitcoin ahead of the approval of this groundbreaking ETF, sending the price soaring to $49,000 on January 11th.

But once the ETF finally launched, investors began taking profits, sparking selling pressure across crypto assets.

Bitcoin is down 19% from its peak, causing altcoins like Solana to fall as well.

Additional pressure on SOL may have come from investors taking profits after Binance Coin (BNB) briefly flipped in the market rankings due to the token’s rise.

So, while it is worrisome for SOL holders, the decline appears to be driven more by external factors and market conditions than by fundamental issues with Solana itself.

Bitcoin Minetrix presale is active, approaching $10 million ahead of exchange listing.

While Solana struggles under selling pressure, one of its cryptocurrency projects, Bitcoin Minetrix (BTCMTX), continues to thrive.

Despite weakness in the broader cryptocurrency market, Bitcoin Minetrix has seen tremendous interest during its pre-sale event and has raised over $9.1 million to date.

The project is gaining attention for its innovative “Stake-to-Mine” model, which aims to open up Bitcoin mining to a wider audience.

By staking BTCMTX tokens, users can earn “mining credits” to access cloud mining power and earn BTC rewards.

This eliminates the need for technical expertise and expensive mining hardware that previously created a barrier to entry for the average investor.

Bitcoin Minetrix’s staking protocol has also generated enthusiasm, with returns for early participants exceeding 70% per year.

As the project’s official launch date approaches, Bitcoin Minetrix also recently hit a significant milestone by ranking second on popular ICO analysis site CoinSniper.net.

These factors have already helped the project build a strong community, with hundreds of people joining the official Telegram group every day.

With accessible mining, attractive staking incentives, and ongoing development, it’s no surprise that Bitcoin Minetrix is ​​thriving even while major cryptocurrencies like Solana are declining.

With the pre-sale event underway, the $10 million milestone appears to be within Bitcoin Minetrix’s reach, setting the stage for the highly anticipated exchange launch later this year.

Visit Bitcoin Minetrix Presale

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