Solana (SOL) down by 13%, set to be overtaken by Collateral Network (COLT)

The cryptocurrency market has been volatile, with Solana (SOL) experiencing a 13% decline in the last 30 days.

Solana's (SOL) technical analysis indicates a bearish outlook, with potential downward movements.

However, amidst this market volatility, a revolutionary crowdlending platform, Collateral Network (COLT), is set to take over the crypto space with forecasted 35x gains.

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Solana's (SOL) Price Analysis: Bearish Outlook Amidst Market Volatility

Solana's (SOL) current price stands at $23.77, indicating a 13% decline over the last 30 days. However, Solana (SOL) has had an impressive run, with its price surging by over 127% since the start of 2023, and it boasts a market cap of $8 billion, as per Tradingview.

A technical analysis of Solana's (SOL) price indicates a bearish outlook, with the value deviating above the $26 resistance area before falling below it. This deviation often precedes considerable downward movements, indicating a potential breakdown for Solana (SOL) from the closest support area at $21.50.

For the past few days, the RSI has remained below the 50-mark, which indicates that bears have had the upper hand in the market. Furthermore, the OBV has significantly declined during the same period, indicating that buying pressure has decreased, which could limit the possibility of a strong recovery.

According to Santiment, Solana's (SOL) development activity has decreased slightly over the past few days, despite the network announcing a mitigation plan after a glitch. This decline in development activity could potentially undermine investors' confidence in the native token.

Due to the bearish market sentiment triggered by the Silvergate saga, it has not become any easier for Solana (SOL). On the other hand, a breakout from the long-term descending resistance line could invalidate this bearish hypothesis, and suggest a bullish trend, resulting in a potential increase to $37

Introducing Collateral Network (COLT): The Revolutionary Crowdlending Platform

Collateral Network (COLT) is a decentralized, peer-to-peer platform in the crowdlending sector that allows borrowers to unlock liquidity from real-world assets. Collateral Network (COLT) accepts physical assets like artwork, real estate and watches, and more, as collateral for issuing loans.

Collateral Network (COLT) creates fractional NFTs against borrowers' tangible assets, and allows multiple lenders to crowdlend, collectively funding the borrower's loan, by purchasing fractions of the NFT.

Lenders can earn a fixed interest rate on their capital, while borrowers have access to asset-backed capital within 24 hours. These landmark advantages are set to revolutionize the archaic lending industry, solving problems like lengthy wait times and credit checks with traditional institutions.

This ecosystem is powered by the native COLT token, which grants holders various benefits ranging from staking bonuses, governance rights, discounts, and even access to exclusive VIP investor groups.

The price of Collateral Network (COLT) tokens for the presale round begins at $0.01, and is likely to increase to $0.35 during presale in line with analysts predictions.

Find out more about the Collateral Network presale here:

Website: https://www.collateralnetwork.io/

Presale: https://app.collateralnetwork.io/register

Telegram: https://t.me/collateralnwk

Twitter: https://twitter.com/Collateralnwk