Solana’s Market Cap Declines by $3 Billion in a Single Day
As the majority of assets in the cryptocurrency sector start to reverse their bullish gains, Solana (SOL) is correcting faster and more intensely than others. In just one day, Solana’s market cap has declined by over 6%, losing $3 billion from its market value. This drop can be seen in the data obtained from the crypto analytics platform CoinMarketCap on February 21.
Solana Price Analysis
In the past 24 hours, the price of Solana has dropped by 6.07%, contributing to a total loss of 10.78% over the last seven days. However, it still maintains a gain of 16.94% accumulated over the previous month and is currently trading at $103.41.
Why is Solana Declining?
The decline in Solana’s price coincides with the general change in sentiment across the wider crypto market. Despite positive developments such as its decentralized finance (DeFi) ecosystem surpassing $2 billion for the first time since June 2022, Solana is impacted by the overall bearish trend.
Additionally, Solana recently announced integration with Filecoin (FIL) to host its block history in the future, moving away from centralized data storage solutions. While Filecoin’s price has rallied since the announcement, Solana has failed to follow suit and faces further decline as its relative strength index (RSI) dips below 50.
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