This past week in the world of cryptocurrency hasn’t been the most lucrative with many of the major tokens experiencing a fall-off in price. Solana (SOL) and Terra (LUNA) were two of the biggest losers with both decreasing in value by over 20%.
Whilst most of the market is in the red, there is one red hot coin that continues to attract the interest of investors worldwide. FIREPIN Token (FRPN) is up 45% over the last 7 days with its extraordinary presale about to enter phase two.
The global cryptocurrency market has a market cap of $2trillion with Bitcoin (BTC) and Ethereum (ETH) dominance sitting at 38% and 18.6% respectively. Along with the rest of the market both the big tokens have lost over 10% of their value over the past week.
Solana (SOL) had an impressive start to April rising to a price of $140.35. Since then, it has seen significant selling pressure and has fallen back to a price at the time of writing of $105.18.
Solana (SOL) is now testing support on the $100 level. If it can hold that support on the 4-hour chart then traders will be looking to make moves on this bullish sign. If Sol fails to hold support then it could see a further drop off to lows of $85-90.
Long term holders of Solana (SOL) shouldn’t have anything to worry about. The smart contract blockchain’s impressive efficiency makes it a favourable network for dApps to be built on. As well as this, the ever-expanding NFT community can capitalise on Solana’s (SOL) lightning-fast transaction speeds and super low costs. The network easily outperforms Ethereum (ETH) in terms of scalability.
Terra (LUNA) has also seen a massive fall-off in price after being one of the best performing coins of 2022 so far. The decentralised payment blockchain is down 24% since it hit its all-time high price of $199.18 just a week ago.
Currently trading at $86.05, Terra (LUNA) is on a downward trend that is not looking promising at this moment in time. However, if the token can hold support above $85, it could provide a fantastic buying opportunity.
Due to the uncertain future, traders will want to maintain patience at present price levels. A convincing close above resistance may propel LUNA to $110, while a break of support could send the price down to $75.
FIREPIN Token (FRPN)
FIREPIN Token (FRPN) is just a few days away from entering phase two of its presale, ahead of its official debut on May 27th.
Following a highly successful initial part of the project’s presale, the good news continues to pour in as FIREPIN Token (FRPN) has secured $1 million in liquidity, a significant step toward lowering the token’s market volatility.
For the last 7 days, the DeFi protocol has seen growth of 45% which is outstanding considering the major dip seen by the majority of the market. As FIREPIN Token (FRPN) moves into phase two of its presale there is still ample time for new users to invest in the project.
To ensure price stability, FIREPIN (FRPN) will employ the Algorithmic Reserve Currency mechanism, which will be backed by additional decentralised assets. The main purpose of FIREPIN Token (FRPN) is to employ user-acquired treasury money to produce NFT, 3D & METAVERSE VR games, as well as to invest directly in teams and organisations with long-term Metaverse aspirations.
Whilst Solana (SOL), Terra (LUNA) and the rest of the market continue to go down, why not take a punt on the exciting presale of FIREPIN Token (FRPN)? With your tokens locked until the official release, there is no way for your investment to lose value until then. A look at other successful presales shows us that you could even increase the value of your portfolio by at least 1000%.
Find Out More Here:
Join Presale: https://presale.firepin.io/login