Solana ($SOL) continues to face immense selling pressure after the well-known trading platform Robinhood opted to delist the token.
According to reports, Robinhood will liquidate approximately $26 million worth of $SOL – a decision that has prompted many investors to liquidate their own Solana holdings.
Due to this, market participants are now looking for cheap and low-cap alternatives to $SOL to avoid similar issues related to centralized platform decisions in the future.
Bearish Implications of Robinhood Liquidations Prompt Solana Downfall
On June 9, CoinDesk reported that Robinhood would end support for all tokens listed as securities in the SEC’s lawsuits against Binance and Coinbase.
This means that Cardano ($ADA), Polygon ($MATIC), and Solana ($SOL) would be removed from the platform entirely – a move that occurred on Tuesday.
Importantly, Robinhood noted that users still holding these tokens in their accounts after the deadline would see them automatically sold at the market value.
As such, reports emerged that Robinhood had to liquidate a whopping $26 million worth of Solana in a move that caught the attention of the broader crypto community.
Crypto analyst Tristan tweeted a visual breakdown of Robinhood’s ongoing liquidations, highlighting that the platform still has around $11 million of $SOL left to unwind.
Naturally, the vast sell-off prompted the $SOL price to take a hit, with the token now trading 7% lower than Sunday’s peak.
On Tuesday, the token’s price was pushed down further as it failed to break through the 20-day Exponential Moving Average (EMA).
However, prominent crypto analyst Pentoshi remains optimistic about Solana’s long-term prospects – tweeting that he’s amazed at how many people are writing the token off.
Pentoshi also highlighted the zone around the $10 region as an area where there could be an abundance of buy orders, representing an attractive place for investors to acquire $SOL in the next quarter.
Regardless, with CoinMarketCap reporting that Solana’s trading volume has dipped by over 5% in the past 24 hours, it’s clear that uncertainty is permeating the market – potentially leading to more short-term volatility for $SOL.
Which Altcoins Offer a Low-Cap Alternative to Solana?
In the aftermath of Solana’s price shakeup, investors are now pivoting towards promising low-cap alternatives.
Two projects attracting attention in this regard are Ecoterra and DeeLance – both offering unique value propositions and significant returns potential.
Ecoterra Begins Green Revolution with Cutting-Edge Recycle2Earn App
Ecoterra ($ECOTERRA) is an Ethereum-based platform that promotes eco-friendly practices from individuals and businesses.
The platform’s flagship feature is its state-of-the-art Recycle2Earn app, which rewards users with $ECOTERRA tokens for recycling plastic, cardboard, glass, and other materials.
Not only that, but the app also provides rewards to users who donate used items of clothing or power their homes with renewable energy sources.
According to a recent tweet from Ecoterra’s Twitter account, the project has partnered with numerous high-profile beverage brands, including Dr. Pepper and Heineken, to integrate them into the Recycle2Earn app.
Alongside this app, Ecoterra will also have several other features that contribute to its eco-friendly approach.
Per the project’s whitepaper, these features will include a carbon offset marketplace, a recycled materials marketplace, and a public Impact Profile.
The fact that all of these features will be housed in one platform has created a considerable buzz around Ecoterra – translating into enormous demand for $ECOTERRA through the ongoing presale phase.
Interested investors can buy $ECOTERRA ahead of its official exchange listing for just $0.01.
Notably, those who opt to buy during the presale will now receive a 10% bonus on their purchase amount, making it an enticing opportunity for eco-conscious investors.
DeeLance Seeks to Revolutionize Freelancing on the Blockchain
DeeLance ($DLANCE) is another new project that could offer a viable alternative to Solana in the coming weeks.
In simple terms, DeeLance is a blockchain-based freelancing platform that incorporates a range of Web3 technologies, including cryptocurrencies and NFTs.
By taking this approach, DeeLance seeks to simplify the collaboration process between freelancers and clients while making it safer and more transparent.
Per DeeLance’s whitepaper, the platform will include a unique Web3-powered recruitment platform, an NFT marketplace for freelancers to show off their work, and even a custom-built metaverse world.
This latter feature has prompted a wave of interest in DeeLance, given that it includes virtual meeting rooms for clients to hold discussions with freelancers – adding unparalleled immersion to the process.
All payments on the DeeLance platform are handled in $DLANCE, which helps eradicate payment disputes.
Furthermore, given the lack of a centralized intermediary, both freelancers and clients can enjoy significantly lower fees compared to competing platforms such as Fiverr and Upwork.
DeeLance’s ongoing presale has raised over $1.4 million in funding thus far, with early investors able to buy $DLANCE tokens for just $0.043 – 28% lower than the planned exchange listing price.
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