Markets
Solana Falls to Double-Digit Weekly Losses: Possible Short-Term Reversal?
Crypto market sell-offs affect asset profits with coins like Solana (SOL), Avalanche (AVAX) and Dogecoin (DOGE) seeing double-digit weekly outflows. The market remains bearish with the main assets pointing downwards in the last 24 hours. Trading volumes also declined following a drop in market sentiments. At press time, the market capitalization is $1.44 trillion, a decline of 3.85% in the last 24 hours, while volumes are at $94.4 billion.
Solana, an asset known for outperforming the broader market during recoveries, faced headwinds with falling numbers. The current exits have also affected institutional demand, as macroeconomic factors caused losses. Solana trades at $149.6, a 6.9% decline today, pushing weekly outflows into double digits.
Solana Plunges Amid Crypto Selloffs
Solana’s numbers reflect the state of the broader market as a portion of past gains are wiped out. Sol fell 11.33% in the last seven days with a reduction in intraday volumes. Solana’s market capitalization is $68.4 billion, while daily volume is around $2.7 billion.
Solana’s price trading below the $150 mark is below market projections following estimates of a rally to $200 in the next bull run. This drop to double-digit losses also affected decentralized finance (DeFi) numbers.
SOLs the total value locked (TVL) in DeFi protocols fell 4.9% in the last 24 hours to $4.37 billion. Top platforms include Jito, Marinade and Kamino. Solana is now 42.9% below its all-time high at a 24-hour low of $145.8.
Broader market follow instructions
Bitcoin fell 3% today, setting the tone for crypto assets as investors eyed the bearish outlook. Macroeconomic factors such as the upcoming Federal Open Markets Committee (FOMC) the meeting played a role in the ongoing liquidations. As companies move forward with interest rate projections, stakeholders are expected to remain pessimistic until positive sentiment emerges.
Ethereum and other altcoins also fell today, adding to weekly losses. ETH trades at $3,488, down 4.8% with weekly outflows of 9%. Meme coins also saw massive outflows over the same period.
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David is a financial news contributor with 4 years of experience in Blockchain technology and cryptocurrencies. He is interested in learning about emerging technologies and keeps an eye on the latest news. Staying up to date with trends, David has reported on various niches including regulation, partnerships, crypto assets, stocks, NFTs, etc. Away from financial markets, David rides his bike and horses.