Solana (SOL) is among the cryptocurrencies that have suffered the most in the recent market downturn, which began about a week ago. The value of SOL has plummeted by 18% in just one week, and currently trades at around $18.78. The coin was valued at $20.35 just 24 hours ago, indicating a decline of around 8% in the past day.
Solana has been consistently trading in the red throughout the day, except for a brief surge to $20.54 at the beginning of the day, which quickly turned negative and continued the downward trend. The coin’s 7-day chart also shows a decline, with Solana trading at just about $22.60 seven days ago. The chart indicates that Solana has lost over 18% in value in the past week alone.
Experts have offered several theories on the reasons behind the decline in Solana’s value. The bearish market direction following Silvergate’s problems is one factor that is affecting most cryptocurrencies. Some analysts predict that SOL’s decline could worsen, and the coin may trade for less than $12 in the coming weeks.
In conclusion, the cryptocurrency markets are currently experiencing a downturn, and Solana is one of the coins suffering the most significant losses. SOL’s value has dropped by 18% in the past week, and there are concerns that it may fall further in the coming weeks. However, it is important to note that cryptocurrencies are highly volatile, and market conditions can change rapidly, making it difficult to predict their future value with certainty.