Solana has experienced a rough start in 2024, with its price falling below $95 amid a wider crypto sell-off. Solana is the native cryptocurrency of the Solana blockchain network, which supports smart contracts and decentralized applications.
Whale Movements Around BTC, ETH Cause Turbulence
The decline in Solana prices is part of a broader crypto sell-off. Whales have deposited millions of dollars worth of Bitcoin and Ethereum into centralized exchanges, leading to price volatility and causing major digital assets to slip.
In the past 24 hours, Solana’s price has dropped over 7% to $94.01, reaching as low as $92.08. This underperformance is in contrast to the wider crypto market, which is down nearly 1.5%.
Investors Lose Millions Amid SOL Price Plunge
Solana investors have incurred losses with today’s dip, as the altcoin has slipped over 7% in the last seven days. Although SOL has seen a 600% increase year-to-date, it remains 64% off its all-time high price set in November 2021.
Solana’s trading volume has also dropped nearly 17% to $2.8 billion in the last 24 hours, indicating diminishing retail interest. Its market cap has fallen to $40.5 billion.
Stability Issues
Solana gained popularity for its faster and cheaper transactions, earning it the nickname “Ethereum Killer.” However, it still faces scaling issues and suffered major network outages last year. The network’s inability to process transactions without going offline is a significant concern.
Hot Take: Solana Faces Price Drop Amid Broader Crypto Sell-Off
Solana’s price has fallen below $95 amidst a wider crypto sell-off, with whales depositing significant amounts of Bitcoin and Ethereum into centralized exchanges. This has caused price volatility and resulted in Solana underperforming the broader crypto market. Investors have experienced losses, and Solana’s trading volume and market cap have also dropped. Despite its reputation as an “Ethereum Killer,” Solana still faces stability issues, including scaling problems and network outages. These challenges contribute to the current price drop and raise concerns about Solana’s future performance.
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