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Solana price has crashed this week and is on the verge of more downside as concerns about meme coins in the ecosystem jumps. The SOL token plunged to $160 this week, and is about to form the highly-risky death cross chart pattern on the daily chart. So, what next for Solana as market experts move to Minotaurus (MTAUR)?
Solana price forecast
Solana, one of the biggest players in the crypto industry, has crashed into a bear market, falling from near $300 to $173. This coin has more downside as it is about to form a death cross pattern, which happens when the 200-day and 50-day moving averages flip each other.
Solana also formed a double-top chart pattern at $264, and whose neckline was at $170. A double-top is one of the most bearish patterns in technical analysis. It has also moved below the Ichimoku cloud indicator.
Additionally, Solana fell below the crucial ascending trendline that connects the lowest swings since August 5 last year. Moving below that level is a sign that market participants expect it to crash much further in the next few months.
Therefore, there is a likelihood that Solana price will drop to $110 in this bear market cycle. Such a crash would imply a 37% plunge from the current level. On the other hand, a move above the resistance level at $203, the 50-day moving average, will invalidate the bearish outlook.
Why SOL price is imploding
There are two main reasons why the Solana price is crashing. First, the drop happened because of the ongoing plunge of other cryptocurrencies. Bitcoin has dropped from $109,300 to $95,000, while most tokens like Cardano and Tron are in a steep bear market.
Second, Solana has crashed because of the prevalence of meme coins in its ecosystem. Most of the recently launched meme coins have all plunged, costing many participants billions and making insiders millions. The best examples of this are Official Trump and Libra, which was promoted by Javier Milei.
All this has led to concerns that Solana is a scam blockchain. It has also led to a sharp plunge of the volume handled by its DEX protocols.
Experts flock to Minotaurus
Crypto experts, fearful of the ongoing woes on Solana, have flocked to Minotaurus, an upcoming player in the gaming industry. Minotarus developers are creating a game that will be available on Android and iOS. It will be a simple-to-play game that millions of users are expected to enjoy.
Minotaurus has already crossed the 1.75 million USDT mark in presale token sales in the past few weeks, and the momentum is gaining steam. This trajectory is happening because many of the participants know its potential. For one, it is in the blockchain and leisure gaming industry that has a total addressable market or TAM of over $50 billion.Participants are also buying the MTAUR token because of the promising upward path during presale. The MTAUR token is now priced at 0.00010518, much lower than the eventual listing price of 0.000200. Users also stand a chance to win big through the 100,000 USDT giveaway. So, hurry up and buy the Minotaurus token here.