Solana (SOL), the native cryptocurrency of the Solana blockchain, has lost more than 6% of its value in the past week as the cryptocurrency market continues to show a downward trend. According to CoinMarketCap (CMC) data, SOL recorded a 1.3% loss in the last 24 hours, trading at around $19.5.
Solana (SOL) Falls to Critical Levels
The cryptocurrency market has experienced a downward momentum as the leading cryptocurrency, Bitcoin, recorded an average loss of 5.5% in the past week. Many altcoins in the cryptocurrency market have also suffered losses since the beginning of the week.
The total market capitalization of the cryptocurrency ecosystem has dropped to $1.04 trillion, according to CMC data. Several cryptocurrencies have experienced double-digit losses due to the market downturn.
Solana (SOL), the native cryptocurrency of the Solana blockchain, has also experienced a downward momentum like most cryptocurrencies during this period. SOL has recorded a loss of over 6% in the past week.
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Solana (SOL) has recorded a 6% loss in the past week and a 1.3% loss in the last 24 hours, trading at around $19.5. With the recent losses, Solana’s (SOL) total market capitalization has fallen below $8 billion, according to CMC data.
Meanwhile, Solana’s daily user activity has reached its lowest levels in recent months. According to data from crypto analytics platform IntoTheBlock, Solana has experienced a nearly 45% decrease in daily active addresses since January 2023. As of September 4, Solana’s daily active addresses have dropped to 207,820.
However, despite the decrease in network activity, there have been small increases in TVL (Total Value Locked) amounts. According to DeFiLlama data, Solana’s TVL has increased by nearly 3% in the past month.
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