While BTC and ETH price are juggling in a weekly channel range amid stealth market sentiment, Solana (SOL) price has dropped 10% today with it continuing the downtrading since hitting all-time high of $294 on 19 January.
As per market data, SOL is currently trading at $167 – down 8% in the past 24 hours while witnessing a notable decrease of 40% in the past 30 days.
Why is Solana (SOL) Price Dropping?
The most possible reason behind SOL price drastically decreasing since the past few days is upcoming token unlocks. In the next 3 months (February, March and April), Solana will be unlocking over 15 million SOL, worth approximately $3 billion. On unlocking, these tokens will enter the market and possibly cause selling pressure.
Following SOL, leading Solana ecosystem tokens – including JUP, RAY, JTO, SOS, and others – have also shrinked over 10% in the past 24 hours.
As the crypto market is currently buzzing on Javier Milei’s LIBRA Scandal and increased frauds, market players are being cautious ahead of potential regulatory breakdowns within the space.
Trending Crypto Today
- ETH (Ethereum)
- LIBRA (LIBRA)
- ACH (Alchemy Pay)
- LINK (Chainlink)
- XRP (Ripple)
Top Gainers Today
- ACH (Alchemy Pay): +28%
- IP (Story): +18%
- MKR (Maker): +11%’
- S (Sonic): +9%
- MNT (Mantle): +5%
According to Coinmarketcap data, the crypto market cap today sits at $3.15 trillion with a 24 hour trading volume of $97.48 billion.
Also Read: Whales Buys 60M XRP as Price Poised for 20% Rally
