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

12 Jun, 2024 Updated 11 Aug, 2025

By David Pokima

Crypto Journalist

Expertise : Finance/Crypto Journalist

David is a finance news contributor with 4 years of experience in Blockchain Technology and Cryptocurrencies. He is interested in learning about emerging technologies and has an eye for breaking news. Staying updated with trends, David reported in several niches including regulation, partnerships, crypto assets, stocks, NFTs, etc. Away from the financial markets, David goes cycling and horse riding.

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CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

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.

Also Read: 5 Celebrity Meme Coins You Should Probably Sell This Week

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.