Solana (SOL) experienced a sharp decline of 15.9% on March 19, dropping to a five-day low of $166 following a week-long rally that saw it briefly approaching $210, reaching a new all-time high market cap of around $92 billion.

By the time of writing, SOL had managed to recover some of its losses as market sentiment turned bullish after a full day of losses. The token was trading at approximately $174 with a market cap of about $77 billion, according to data.

The last time Solana saw similar low numbers was on March 14, when the asset hit a low of $162 with a market cap of $71.9 billion.

Despite being one of the biggest losers in the past day, SOL is still slightly below recent highs and is up 15% over the past seven days. However, the overall trend in the market has been bearish since March 16, with both Bitcoin and altcoins losing ground as bears drive prices down ahead of the Fed’s FOMC meeting.

Solana-based tokens also experienced losses, with only 71 out of 85 Solana-based tokens seeing declines based on data. LuaSwap (LUA) saw the largest daily losses at -62%, followed by KING at -32.3%. Meanwhile, the two main DEXs on Solana, Jupiter (JUP) and Raydium (RAY), were down 13.27% and 22.17%, respectively.

Despite the downturn, some Solana-based tokens managed to buck the trend, with DEX launchpad Dexlab (DXL) seeing gains of 31%, while the hacked DeFi platform Mango (MNGO) saw gains of 21%. Overall, tokens in the category experienced an average decline of 6.21%, slightly less severe than the overall market losses of 8.0%.

The recent drop in Solana prices comes after a period of excitement driven by memecoins like Dogwifhat (WIF). The token had also seen high DEX trading volumes, with $2.8 billion reported on March 18, coinciding with an all-time high against the price of Ethereum (ETH).

The latest losses indicate that Solana’s price in US dollars may not continue to rise indefinitely, although future trends and developments could potentially revive its performance.

Fabio

Full Stack Developer

About the Author

I’m passionate about web development and design in all its forms, helping small businesses build and improve their online presence. I spend a lot of time learning new techniques and actively helping other people learn web development through a variety of help groups and writing tutorials for my blog about advancements in web design and development.

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