Solana sustains the downtrend, with on-chain data suggesting increased selling pressure dragging this altcoin to $140.

Solana continues to surrender gains realized in 2024 Q4 at a time when a marketwide plunge tests the digital assets. The 38% percent slip has seen the SOL revisit the price range witnessed in October 2024.

A look into the on-chain data shows Solana confronts rising selling pressure, coincidentally as it encounters a sharp drop in the DEX and transfer volumes.

Solana Plunges Further

While Solana staged a rare 4.5% recovery in the past 24 hours, it is still down 17% in its seven-day run. The SOL has surrendered 40% of its market cap to currently sit at $70.4 billion. The loss in the SOL value raises concerns about an extended downtrend. 

Market chartist Ali Martinez reports that on-chain data signals an increased state of fear among investors, with the net unrealized profit/loss metric

Keep reading this article on E-cryptonews.com.

Leave a Reply