SOL Price Correction Offers New Buying Opportunities in Solana Altcoins Amid Market Sell-Off

SOL Price Correction Offers New Buying Opportunities in Solana Altcoins Amid Market Sell-Off

The native cryptocurrency of the Solana ecosystem, SOL, has recently undergone a fresh wave of correction during the latest market downturn. This bearish trend has also impacted Solana-based altcoins such as Pyth Network (PYTH), Jupiter (JUP), and Dogwifhat (WIF). However, these assets might present an attractive buying opportunity for investors currently on the sidelines, positioning them for potential gains in the next market upswing.

Solana Altcoins Poised for Rebound as Ecosystem Grows to $5.01 Billion TVL

Despite the market’s uncertainty in August, the Total Value Locked (TVL) in the Solana ecosystem surged from $3.8 billion to $5.01 billion, marking a 31% increase. This rise in TVL indicates that more capital is being funneled into Solana’s decentralized applications (dApps), signaling growing user adoption. Should the market recover, investing in Solana altcoins such as PYTH, JUP, and WIF could be a strategic move to benefit from the expanding Solana ecosystem.

Dogwifhat (WIF)

The Solana-based meme coin Dogwifhat (WIF) has been experiencing a steady correction over the past five months, forming a wedge pattern. The WIF price, moving within the two converging trendlines of this pattern, has dropped from $4.86 to $1.50— a 67% decline, while the market cap has decreased to $1.58 billion.

However, increased accumulation by whale investors as the price nears the wedge pattern’s apex suggests a potential reversal on the horizon. If buying pressure continues, Dogwifhat could see a 22% rally before potentially breaking out above the overhead trendline.

Jupiter (JUP)

Among Solana altcoins, the price of Jupiter (JUP) closely mirrors SOL’s consolidation phase over the past five months. Currently trading at $0.79, with a market cap of $1.078 billion, JUP might experience an 11.5% decline if the market correction persists, potentially retesting the ascending trendline that has held for seven months.

In contrast to the broader market correction, Jupiter’s TVL saw a significant surge in August, reaching an all-time high of $1.125 billion, according to Defilama data. This sharp increase reflects growing confidence in and usage of the Jupiter platform.

Pyth Network (PYTH)

Recently, Pyth Network announced the integration of its price feed infrastructure into Sony Group’s newly launched Soneium blockchain, making it the first oracle provider for this network.

Following this announcement, PYTH managed to stabilize above its $0.26 support level, even amid market-wide selling pressure. Looking forward, the outlook for PYTH appears more bullish, with a funding rate of 0.0064%, according to Coinglass data. This positive rate suggests that traders are willing to pay a premium to maintain long positions in anticipation of a recovery.

Conclusion

These three Solana-based altcoins—PYTH, JUP, and WIF—combine innovative technology, strong community support, and significant growth potential. As the broader market trend continues to evolve, these assets may offer an opportunity to accumulate at a discount, positioning investors for future gains.