Buy $GGsResisting Battering: Solana Stands Strong Amid Crypto Market Flash Crash
The past 12 hours have been a mind-boggling one for crypto market bulls as massive liquidations struck the digital currency ecosystem. According to data from Bybt, a total of over 364,00 traders have been liquidated in the past 24 hours with more than $3.41 billion worth of trades liquidated in the past 24 hours. As usual, Bitcoin received the biggest thumping with over 28.37k BTC units liquidated, amounting to a valuation of $1.33 billion.
Altcoins including Ethereum (ETH) and Solana (SOL) were not also spared from the painful bear-fueled liquidation. While the former recorded liquidations worth approximately 257.15K ETH (or $884.96M), a record of 334.32K SOL totaling $57.04 million was also liquidated.
General Price Slump: Solana Standing Strong
The price action on various digital currencies has been on the negative side as the flash crash ushered in a bearish ripple effect into the market. At the time of writing, Bitcoin has retracted back to a weekly low of $43,285.21 and is currently trading at $46,909.75, down 9.37% in the past 24 hours.
Ethereum is changing hands at $3,441.40 atop a 12.71% slump. The two top coins, Cardano (ADA), and Binance Coin (BNB) also shed off 15.33%, and 16.04% of their prices to $2.41 and $418 respectively. Amongst the top digital currencies, Solana comes off as the most resistant to the ongoing price action, coasting at a price of $177.05 with a gain of 8.51% to maintain its steady uptrend since the past week.
At present valuation, Solana now ranks as the 7th largest digital currency with a $51.2 billion market capitalization. The coin is 10% below its all-time high (ATH) price of $194.82 attained about 13 hours ago.
Effect of Functional Ecosystem
The stability and resilience of the Solana token amidst the massive price dip can be attributed to the quality of decentralized finance (DeFi), and Non-Fungible Token (NFT) protocols making the blockchain their home. With new projects being launched, the demand for the SOL token is on the rise, and thus, counterbalancing the effects of the sell-offs.
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