Investors’ favorite solana (SOL) started to decline with the crypto market in a downward trend. However, the altcoin fell faster than its competitors. According to data from CoinMarketCap, the 24-hour decline in Solana price was determined as 8.98%, which brought the price to $80.51.
With the daily decline, weekly losses reached over 17%. Over the past year to date, Solana has recorded one of the most interesting growth trends, rising to $125.19 annually.
altcoin, recorded an annual growth of almost 700% in 2023. However, contrary to the expected rise for the protocol, there was a decline. When current data is examined, the Solana trend appears to be over. The end of SOL’s upward trend seems to be reflected in the performance of the meme coins built on it. Meme coins such as BONK and Dogwifhat (WIF), which have been on the rise for a while, are also facing intense selling pressure.
Potential Solana Growth Catalysts
One reassuring factor about the current Solana downtrend is that it is a decline due to general market dominance. Spot Bitcoin ETFThe emergence of ‘s did not result in the expected bullish trends for BTC that could be reflected in the overall market.
Koinfinans.com As we reported, Bitcoin’s decline leads the decline in the altcoin market. A reversal of this situation and BTC’s rise may trigger Solana’s rise again. Therefore, it can be said that this is one of the critical catalysts. Additionally, the optimism surrounding the yet-to-be-released Solana Mobile update and how it could attract new users is also a positive catalyst that could change the narrative for SOL in the medium to long term.