Solana Plummets to Double-Digit Weekly Losses: Possible Short-term Reversal?

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As a seasoned crypto investor, I’ve seen my fair share of market volatility, but the recent liquidations have hit hard. Solana, a coin that had shown promising growth, has plunged with double-digit weekly outflows. I had high hopes for Solana, believing it could reach new heights in the next bull run, but now it trades below $150.

The crypto market is experiencing significant liquidations, leading to substantial losses for coins such as Solana (SOL), Avalanche (AVAX), and Dogecoin (DOGE), with each coin showing double-digit outflows over the past week. The overall market trend remains negative, with top assets pointing downwards in the previous 24 hours. Trading volumes have also decreased as market sentiment has taken a hit. Currently, the total market capitalization is $1.44 trillion, representing a 3.85% decrease over the last day, while trading volumes amount to $94.4 billion.

Solana, which has historically performed strongly during market recoveries, is currently encountering challenges with its value dropping significantly. Institutional investors have also been impacted by the sell-off as economic conditions outside of Solana led to losses. At present, Solana is priced at $149.6, representing a 6.9% decrease on the day and resulting in substantial outflows during the past week.

Solana Plunges Amid Crypto Liquidations 

As a Solana investor, I’ve noticed that the value of my holdings has taken a hit in the past week, with Solana losing 11.33% of its value. The reduced intraday trading volumes suggest that uncertainty and fear are causing some investors to sell off their assets. Despite this setback, Solana still boasts a market capitalization of $68.4 billion, and daily trading volumes hover around $2.7 billion.

Solana Plummets to Double-Digit Weekly Losses: Possible Short-term Reversal?

As a crypto investor, I’ve noticed that Solana’s price currently hovering below the $150 mark is disappointing given market expectations projecting it to reach and even surpass $200 during the upcoming bull run. Sadly, this dip has resulted in double-digit percentage losses not only for Solana but also significantly impacted the numbers within the decentralized finance (DeFi) ecosystem associated with it.

As a researcher studying the decentralized finance (DeFi) landscape on the Solana blockchain, I’ve observed that the total value locked (TVL) in Solana’s DeFi protocols has decreased by approximately 4.9% within the past 24 hours, now standing at roughly $4.37 billion. Notable platforms contributing to this figure include Jito, Marinade, and Kamino. It is important to note that the current price level of Solana is 42.9% below its all-time high, which was reached at a price point of $145.8 within the same 24-hour period.

Wider Market Follow Directions 

I analyzed the cryptocurrency market today and noticed that Bitcoin experienced a 3% decline, leading the way for other crypto assets. The bearish sentiment among investors was heightened by macroeconomic factors such as the upcoming FOMC meeting. With firms releasing projections on potential interest rate hikes, the crypto community is expected to maintain a bearish stance until optimistic signs emerge.

Other cryptocurrencies, including Ethereum, experienced declines today, contributing to their weekly losses. Ethereum is currently priced at $3,488, representing a 4.8% decrease, and there have been significant outflows totaling 9% over the past week. Meme coins have similarly seen substantial outflows during this timeframe.

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2024-06-12 01:28