Solana ($SOL) has been one of the most talked-about cryptocurrencies over the past few weeks, soaring by 19% in late May before a sharp plunge in the first two weeks of June.
$SOL is now trading around the same level as it was at the start of the year, with traders debating whether the coin is set for a bullish turnaround – or whether the bearish momentum will continue.
While Solana’s future remains uncertain, other coins are carving out a niche in the market – with yPredict ($YPRED) and Ecoterra ($ECOTERRA) primed for growth in the coming weeks.
The Ongoing Saga of Solana Has Prompted Concern Among Traders
The $SOL price is currently hovering around $14.82, following a 35% drop since June 5.
Solana has now experienced five bearish daily closes in a row – the last time this pattern occurred was in early March.
Per CoinMarketCap, daily $SOL trading volume is now a mere $330 million, a 1.65% decrease in the past 24 hours.
On top of all that, Solana has also recently broken a significant support level, located at $16. Price rejected this level aggressively in early March, yet it was quickly passed last weekend – highlighting the intensity of the current bearish wave.
Given these dramatic fluctuations, a debate rages among investors: should they capitalize on this downturn by buying the dip, or should they entirely avoid $SOL?
Those with a bullish outlook argue that the current downtrend isn’t caused by anything directly related to the Solana blockchain. Instead, they claim it’s being brought about by the uncertainty stemming from the SEC’s recent actions – which include suing Binance and Coinbase.
These bullish traders point to other cryptos, like Bitcoin and Ethereum, that have also seen value declines in recent weeks – arguing that it’s not just Solana that is experiencing a challenging period.
Conversely, Solana bears take the opposite stance, pointing out that the SEC named $SOL as an unregistered security offered to investors through Binance and Coinbase.
The Solana Foundation, which handles the adoption and security of the blockchain, has fired back – claiming that $SOL is not a security.
Nonetheless, the fact that the SEC described it as a security has worried investors, given that it might result in exchanges deciding to de-list the token, making it more challenging for traders to buy and sell it.
Ultimately, the fate of Solana is now in the balance – and investors on both sides are keen for some clarity on where $SOL could head next.
What Coins Are Traders Backing Over Solana?
As Solana continues facing uncertainty, traders are eyeing other cryptocurrencies with promising prospects.
Despite the volatility caused by recent macroeconomic events, this hasn’t stopped an array of coins and tokens from making headway and catching traders’ attention.
With that in mind, here are two coins that traders are backing over Solana thanks to their strong use cases and promising growth prospects:
AI-Powered Analytics Platform yPredict Takes Market By Storm
The first coin that traders are turning to instead of Solana is yPredict ($YPRED). yPredict is a decentralized platform built on the Polygon blockchain that aims to give traders the “edge” in the ever-changing crypto market.
This platform uses artificial intelligence (AI) technology to provide objective insights that help traders make better decisions. Not only that, but yPredict also employs machine learning (ML) to offer price predictions on thousands of coins and tokens.
Some of the most valuable tools included in the yPredict platform are real-time trading signals, market sentiment analysis, cutting-edge technical indicators, and automatic chart pattern recognition.
The yPredict platform is powered by $YPRED – its native ERC-20 token. $YPRED is required to access the full suite of yPredict’s features, yet it can also be staked to earn tokenized rewards.
Currently, yPredict is still in development – although early investors can gain exposure to the project’s future growth by purchasing $YPRED tokens through the presale.
The yPredict presale has been an instant success and has raised a staggering $2.3 million in funding.
With over 29,000 people participating in the project’s official Telegram channel, there is palpable enthusiasm surrounding yPredict – setting the stage for robust growth in the future.
Numerous popular traders and analysts, including Michael Wrubel, have stated that they’re bullish on the yPredict project.
Blockchain-Based Platform Ecoterra Incentivizes Eco-Friendly Actions
Another coin that traders are considering is Ecoterra ($ECOTERRA). Ecoterra is a blockchain-based ecosystem that rewards individuals and companies who take positive actions against climate change.
The ecosystem’s flagship feature is the Recycle2Earn app, which allows users to earn $ECOTERRA tokens every time they recycle used materials.
Not only that but app users will also be rewarded with $ECOTERRA if they donate old clothing items or power their homes with renewable energy, like wind or solar.
Alongside the Recycle2Earn app, Ecoterra will also boast a carbon offset marketplace, a recycled materials marketplace, and a trackable Impact Profile, which publicly showcases the eco-friendly actions of all users.
Like yPredict, Ecoterra is in its presale phase and has raised an impressive $5.1 million thus far.Early investors can purchase $ECOTERRA tokens for just $0.00925 – a discount to the planned CEX listing price of $0.01.
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