Below $ 100! Will the Decline in Solana Price Continue?

After a spectacular comeback in 2023, Solana started 2024 with ups and downs. Speculation about the ETF approval, which has increased in the crypto market in the last week, has also affected cryptocurrencies, and as a result, the Solana price has taken a hit, falling to $ 95 in the last 24 hours.

BTC and ETH Movements of Whales

The spot Bitcoin ETF frenzy that has been going on since the beginning of the week has affected the entire cryptocurrency world. Solana could not escape this situation and felt it extremely hard.

The decline in the Solana price took place in a broader cryptocurrency selling pressure environment. According to Whale Alert, known for tracking whales trading on the blockchain, whales have sent millions of dollars worth of Bitcoin and Ethereum to centralised exchanges in the last 24 hours, raising questions.

Since these stock exchange transactions carried out by whales were interpreted as a preparation for a possible sale, it caused high mobility in prices and many altcoins also declined.

In the last 24 hours, the price of Solana (SOL) fell by more than 7% and fell to $ 92, but then recovered and pulled the decline below 5% and climbed to $ 95.25. There was also a 10% drop in trading volume in the 24-hour period and fell below $ 3 billion.

Solana Investors Are Making Losses

The losses of Solana investors deepened even more after today's decline. The altcoin had risen to the $ 126 level in recent days, but then the price was subjected to a sharp decline.

In the last seven days, it has lost more than 7% in value. SOL's performance since the beginning of the year was legendary. SOL, which has gained 600% in value in this period, is still trading 64% away from its all-time high price of $ 259.96, which occurred in November 2021.

The market capitalisation of Solana, which is the fifth largest cryptocurrency according to the market volume ranking, has decreased by 6% in the last 24 hours to $ 41.5 billion.

What's the Problem with Solana?

Solana, which has been called the "Ethereum killer" in the past, has gained popularity due to the ability to perform faster and cheaper transactions than Ethereum.

In addition, since Ethereum previously had a PoW mechanism, SOL's lower results in terms of environmental impact had a great impact on its preferability.

Despite all this, the major interruptions and scaling problems experienced by Solana since recently have brought big question marks on the network.