Does Solana's Decline Mean It's 'Rugging In Slow Motion'?

Solana's SOL/USD continuous decline prompted one prominent crypto trader to express serious doubts about its future.

What Happened: Prominent trader DonAlt has voiced his concern over the persistent decline in the value of Solana, despite Bitcoin's BTC/USD stability. He noted that the cryptocurrency has been "rugging in slow motion," with "day after day after day red." He further stated that SOL is already down 37% against USD from its peak. This, he found particularly striking given that Bitcoin has been stable.

On the contrary, notable crypto influencer Altcoin Hunter expressed bullish sentiments on Solana, dismissing rumors of it being a "slow rug" and considering going long above $125. He dismissed the negative chatter around the cryptocurrency, referring to it as ‘FUD' (Fear, Uncertainty, and Doubt).

The influencer highlighted the cryptocurrency’s resilience, noting its ability to maintain support at $125. He pointed out that this was the fifth time in three days that SOL had bounced back, a trend he deems bullish.

Another prominent trader expects a reversal for Solana, although he did not specify when.

Also Read: Why The Bitcoin, Ethereum, Solana Pump Is ‘Delayed’

Why It Matters: Earlier on Friday, investment fund manager 3iQ Corp announced plans to launch North America's first Solana-based exchange-traded product (ETP) in Canada. This same fund manager was the pioneer in launching Bitcoin and Ethereum spot ETFs in Canada, ahead of the U.S.-launched futures ETFs for the two assets.

What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next: Bitcoin, Ethereum, Solana Traders Need ‘Lower Time Frame Entries, Higher Time Frame Setups,’ Says Analyst

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