Solana Plummets to Double-Digit Weekly Losses: Possible Short-term Reversal?

Crypto market liquidations pierce into asset profits with coins like Solana (SOL), Avalanche (AVAX), and Dogecoin (DOGE) posting double digits weekly outflows. The market remains down as top assets point downwards in the last 24 hours. Trading volumes have also declined following a plunge in market sentiments. At press time, the market capitalization stands at $1.44 trillion, a 3.85% decline in the last 24 hours while volumes are at $94.4 billion. 

Solana, an asset known for outpacing the wider market during rebounds, has faced headwinds with plunging numbers. Present exits also affected institutional demand as macroeconomic factors sparked losses. Solana trades at $149.6, a 6.9% decline today pushing weekly outflows to double digits. 

Solana Plunges Amid Crypto Liquidations 

Solana numbers reflect the state of the wider market as a section of previous gains are wiped out. Sol is down 11.33% in the last seven days with reduced intraday volumes. The market capitalization of Solana stands at $68.4 billion while daily volume hovers around $2.7 billion. 

Solana’s price trading below the $150 mark is below market projections following estimations of an uphill climb to $200 in the next bull run. This drop to double-digit losses also affected decentralized finance (DeFi) numbers. 

SOL’s total value locked (TVL) across 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 within a 24-hour low of $145.8.

Wider Market Follow Directions 

Bitcoin fell 3% today setting the tone for crypto assets as investors observed the bearish outlook. Macroeconomic factors like the upcoming Federal Open Markets Committee (FOMC) meeting played a role in the ongoing liquidations. As firms push projections on interest rates, stakeholders are expected to remain bearish until positive sentiments spring up. 

Ethereum and other altcoins also declined today adding to weekly losses. ETH trades at $3,488, a 4.8% drop with 9% weekly outflows. Meme coins have also recorded massive outflows in the same period. 

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