Solana (SOL) Struggles to Stay above $200, While PlutoChain ($PLUTO) Tackles Bitcoin’s Lack of Use Cases

Solana (SOL) is still struggling to stay above $200, with bearish indicators and weak momentum keeping the price in check.

Solana (SOL) continues to trade below the crucial $200 mark, exhibiting weak momentum and facing strong resistance from key technical indicators. While some analysts remain optimistic about a potential breakout, others express caution amidst ongoing concerns about scams.

Meanwhile, a new hybrid Layer-2 project called PlutoChain (PLUTO) is emerging to address Bitcoin's (BTC) limited use cases. This project aims to integrate Ethereum Virtual Machine (EVM) compatibility, enabling developers to bring decentralized finance (DeFi), non-fungible tokens (NFTs), and artificial intelligence (AI)-powered applications to Bitcoin.

Solana (SOL) Price Analysis

Technical indicators, including the Ichimoku Cloud and Average Directional Index (ADX), suggest that Solana is facing difficulties. Despite some attempts to rally, SOL is still trading within a bearish pattern, which could limit its ability to make significant gains.

Solana (SOL) 4-hour price chart. Source: TradingView

As analyzed by FXStreet earlier this week, key technical indicators are signaling a bearish outlook for Solana. While some analysts remain optimistic about a potential breakout above $209, others are cautious, highlighting SOL's weak trend strength and ongoing concerns about scams.

Until confidence returns among buyers, Solana may continue to face resistance at key Fibonacci levels. If the price falls below critical support, lower levels of $187 and $175 could come into play.

Solana (SOL) latest news and price analysis, March 21: Bearish indicators keeping SOL investors on edge

Some analysts remain cautious, pointing to Solana's weak trend strength and ongoing concerns about scams, which could continue to impact its price action. However, according to analysts on X, Solana's long-term outlook still shows strength despite recent struggles.

CryptoTicker highlighted the launch of ARKA, a prediction market platform built on Solana, which could fuel demand for SOL. Some believe this expansion could push SOL's price toward $750, especially as high-profile projects continue to launch on the network.

Bitcoin (BTC) use cases expanding with PlutoChain (PLUTO)

Bitcoin is renowned for its security and decentralization, yet it struggles with slow transactions and high fees. This has limited its use in everyday applications, despite being the largest cryptocurrency in the world.

A new hybrid Layer-2 solution called PlutoChain (PLUTO) is stepping in to solve this problem. By introducing EVM compatibility to Bitcoin, developers can now bring DeFi, NFTs, and AI-powered applications to BTC.

What’s more, Bitcoin's 10-minute block confirmations make it way too slow to compete with modern payment systems. But here's where PlutoChain takes a different approach.

Being a hybrid Layer-2 solution, it runs on its own high-speed network, processing blocks in just two seconds. That kind of speed could make a huge difference for anyone who actually wants to use Bitcoin for payments instead of just holding it.

Together with its lightning-fast speeds, PlutoChain also puts a strong focus on security. It has already completed audits with SolidProof, QuillAudits, and Assure DeFi, which confirm its reliability.

Crucially, it does not rely solely on miners and developers for upgrades. Instead, it gives the community control and lets them propose and vote on network improvements.

Tests have already shown PlutoChain processing over 43,200 transactions per day. Bitcoin's DeFi market remains small, at just 0.13% of its total market cap, but PlutoChain could change that and open new opportunities for the network.

Shiba Inu (SHIB), Kaspa (KAS), Hedera Hashgraph (HBAR), and PlutoChain (PLUTO) are among the gainers, while Uniswap (UNI) faces new competition from Cutoshi (CUT).

As we enter the final quarter of 2023, the cryptocurrency market has shown signs of recovery following a turbulent start to the year. While some digital assets have seen impressive gains, others have struggled to maintain their dominance in the rapidly evolving Web3 landscape.

Among the top-performing cryptocurrencies this year is Shiba Inu (SHIB), the canine-themed token that has rallied over 430%. Another strong performer is Kaspa (KAS), a proof-of-work (PoW) coin that has soared by more than 300%. Hedera Hashgraph (HBAR) is also up over 200%, thanks to its energy-efficient consensus mechanism and partnerships with major brands.

On the other hand, some cryptocurrencies have failed to live up to expectations. Uniswap (UNI), once the undisputed leader in decentralized trading, now faces stiff competition from newer platforms like Cutoshi (CUT), which offers faster speeds and lower trading fees.

However, a new hybrid Layer-2 project called PlutoChain (PLUTO) is emerging to enhance Bitcoin's (BTC