Solana experienced a remarkable comeback in 2023, but 2024 began with volatility, particularly after a price drop to $95 in the last 24 hours, influenced by speculation around ETF approvals shaking the crypto market.
The crypto community has been abuzz with the potential of a spot Bitcoin ETF, impacting the entire market, including Solana, which felt the effects sharply.
This price drop occurred amid a broader crypto sell-off. Whale Alert, known for tracking large blockchain transactions, reported whales moving millions in Bitcoin and Ethereum to exchanges, sparking fears of a looming sell-off.
Solana’s (SOL) price fell over 7% in the last day, reaching as low as $92, but later recovered slightly, limiting the loss to under 5% and climbing to $95.25. Trading volume also declined by 10% in the same period, falling below $3 billion.
Solana investors deepened their losses following the recent drop, with SOL down over 7% in the past week, despite a 600% gain since the start of the year. However, it remains 64% below its all-time high of $259.96 from November 2021. Solana’s market cap has also decreased by 6% in the last 24 hours to $41.5 billion, maintaining its position as the fifth-largest cryptocurrency by market value.