Solana (SOL) risks a catastrophic drop to lower lows in the current price range

May was a tough month for the crypto markets, with major altcoins posting corrections of up to 80%. Solana’s SOL is one of the layer one tokens that has seen massive losses in recent days. Market data shows that the alt has lost around 50% of its value over the past three weeks and analysts are warning that it could print even bigger red candles before the end of the month.

Current bearish sentiment could push Solana to lower lows

Solana was, at the time of writing, flirting with familiar ground at $42.75 after a brief dip to a daily low of $40.27. The token has consolidated between $40 and $50 over the past three days, with attempts to slice through support at $55 proving futile. Market activity suggests that SOL may be on a retracement path as there is a degree of instability in the broader markets and a build up of selling pressure within this tightening range.

SOL/USD 30 Day Trading Chart

The token’s current inability to maintain upward momentum risks hampering recovery action and fueling this potential breakdown. However, a successful recovery of $55 and stability above that mark invalidates this setup, putting early May prices front and center as next targets. This breakout scenario makes the current SOL/USD figure a fair entry point for investors playing short-term.

Brave browser integrates Solana to improve Web3 access

Through a announcement post shared earlier this week, Solana confirmed the integration of its open-source blockchain into the Brace private browser in its latest desktop version 1.39. Solana previously released those plans last November at the Breakpoint conference.

Brave already supports Ethereum, but there have been the usual complaints about high gas charges and slow performance due to network congestion. By partnering with Solana, the browser allows users to explore Web3 and reduce transaction costs while having significantly faster processing throughput than Ethereum. Through this collaboration, Brave users will be able to hold fungible SOL and SPL tokens in the Brave wallet. Brave’s BAT tokens can also be used on Solana via Wormhole and EVM compatible blockchains.

Ramp and Magic Eden partnerships

Brave software, the company behind the browser, is taking several steps to increase Web3 access. The tech company also announced Ramp integration to facilitate direct crypto purchases from the browser wallet. The integration aims to reduce the time and effort users spend when converting fiat currencies to crypto.

Brave also announced a partnership with Magic Eden, an NFT-based Web3 ecosystem, to increase support for BAT/NFT utility tokens. Magic Eden is currently the most popular Solana-based NFT network; it is to Solana what OpenSea is to Ethereum. This increases access to BAT, as more people can now purchase Solana NFTs using the Brave token.

The increase in the number of partnerships is in line with its goal of defining a better future for Web3. With the Brave wallet extension which was initially promoted as a secure tool on the ramp instead of installing risky crypto wallet extensions, the new developments provide the benefit of improving performance, maintaining asset security and multi-channel utility.

Solana’s Latest Hitch: The Blockchain Clock Isn’t Synchronized With Real Time

Team Solana yesterday shared a status to remark detailing that its blockchain clock had been off by about 30 minutes from the real time. The network reported that slower time slots lead to on-chain time drift. While this lag does not affect network or market activity, it does add to outage concerns around Solana. The team had not provided any further update as of press time.

To learn more about Solana, check out our Investing in Solana guide.