With the downward trend in the cryptocurrency market, most high market cap cryptocurrencies have experienced significant value losses during this period. Solana (SOL), which has lost more than 5% in the last week, has dropped to the $20 support level.
What is the Current Situation in the Crypto Market?
The cryptocurrency market rapidly declined as Federal Reserve Chairman Powell signaled that interest rate hikes may continue. The leading cryptocurrency Bitcoin (BTC) dropped to $25,800 within hours after recording losses and continued to decline throughout the day.
With the decline in BTC, most altcoins in the cryptocurrency market also accelerated their value losses. The total market capitalization of the cryptocurrency ecosystem fell back to $1.04 trillion, according to CoinMarketCap (CMC) data. Solana (SOL), which lost nearly 4% during the day, dropped to $20 levels.
The Decline in Solana (SOL) is Accelerating
SOL, the native cryptocurrency of the Solana blockchain, showed relatively lower price performance compared to many high market cap cryptocurrencies throughout the week. Although SOL reached $22 levels during the week, it could not surpass these levels with the downward trend in the cryptocurrency market and briefly dropped below $20 levels. Solana (SOL), which has lost more than 5% in the last week, started trading at $20.28 price levels.
With the recent value losses, Solana’s (SOL) market capitalization has also dropped to $8.2 billion. Significant decreases were also observed in trading volumes. SOL’s 24-hour total trading volume recorded a decrease of over 20%. After these recent declines, SOL became the cryptocurrency with the highest percentage of value losses among the top 10 cryptocurrencies by market capitalization in the past week.
