After undergoing major price declines in 2022, the cryptocurrency market seems to be slowly recovering. While cryptocurrencies like Litecoin (LTC) and Solana (SOL) have a long way to go before they reach their previous highs, Snowfall protocol (SNW) has proven to be a profitable token in the past few months. In this article, we will discuss the current market updates of Litecoin (LTC) and Solana (SOL), and assess why Snowfall Protocol (SNW) will soon rise above them.
Litecoin (LTC) declines by almost 40% in a year
The third Litecoin (LTC) halving event is scheduled to take place in just under 8 months, in August 2023. This will result in an immediate 50% reduction in the inflow of new Litecoin (LTC) tokens. The rate of Litecoin’s (LTC) inflation can thus be slowed, increasing the value of each LTC, in theory. However, analysts warn investors that after each halving, Litecoin (LTC) usually falls back to previous lows. For example, Litecoin (LTC) fell 73% in the 578 days following the first halving and 83% in the 458 days following the second. For the first time since May 2022, Litecoin’s (LTC) price is above $85 after a spike of 15.86% over the past week. In the yearly charts, however, Litecoin (LTC) fell over 39% to its current price of $87.51. At the time of writing, the price of Litecoin (LTC) had dropped by almost 80% from its all-time high, in line with the general downward trend in the cryptocurrency market.
Solana (SOL) to be faced with declines despite recent price surge
Solana (SOL) has had a remarkable start to the new year, with a huge increase in price over the past few days. After falling below $8 on December 29, 2022, the price of Solana (SOL) experienced a comeback surge on January 9, sending it as high as $19.50, with gains of roughly 120%. Solana (SOL) has seen significantly more bullishness since the arrest and investigation of Solana DEX Mango Markets’ exploiter. According to crypto experts, this accumulation of bullish momentum can cause Solana (SOL) to stage a comeback.
On the other hand, if Solana (SOL) goes below its current price level, the cryptocurrency’s investors must stay cautious. After the increasing prices in 2023, many investors in the crypto industry rushed to buy Solana (SOL). Solana’s (SOL) technical indicators depict that it has become an overbought asset. If any cryptocurrency is overbought, it is seen as a possible sell signal by more conventional investors. Depending on Solana’s performance in the coming week, the price of Solana (SOL) may undergo a corrective or consolidation phase soon.
Snowfall Protocol (SNW) to rise by 5000%
The potential for Snowfall Protocol (SNW) to facilitate blockchain interoperability has generated considerable interest in the cryptocurrency market. With Snowfall Protocol’s (SNW) dApp launch, crypto enthusiasts believe that it could soon take over the market. The ability of Snowfall Protocol’s (SNW) decentralised app to provide an open, scalable multi-chain communication solution is a major selling point for the cryptocurrency.
Snowfall Protocol (SNW) not only allows for convenient asset transfers but also ensures that investors can do so without facing any technical hurdles. Snowfall Protocol (SNW) has undergone two successful presale phases and is currently in its final phase. Pre-sale price of Snowfall Protocol (SNW) began at $0.005, increased to $0.025 following Phase 1, $0.075 following Phase 2, and it is currently trading at $0.182 in Phase 3. As a result of its exceptional features and future prospects, Snowfall Protocol’s (SNW) value has the potential to skyrocket, with some experts estimating it might climb by as much as 5000% in the coming months.
Get in while you can and invest in Snowfall Protocol (SNW) today!!!
Presale: https://presale.snowfallprotocol.io
Website: https://snowfallprotocol.io
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