Solana Decreases More Than 10% Within 24 hours
Portfolio Pulse from Benzinga Insights
Solana (CRYPTO: SOL) has seen a significant price drop of 10.35% in the last 24 hours, bringing its price down to $168.65. This decline is part of a negative trend over the past week, with a total loss of 7.0% from its previous price of $181.92. The trading volume for Solana has decreased by 63.0% over the past week, while its circulating supply has increased by 1.44% to over 444.08 million. Currently, Solana's market cap ranks it 5th at $74.93 billion.
March 22, 2024 | 3:00 pm
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NEGATIVE IMPACT
Solana has experienced a significant price decrease of 10.35% in the last 24 hours, with a total weekly loss of 7.0%, bringing its current price to $168.65.
The significant price drop of Solana over the past 24 hours and the past week indicates a negative short-term trend for the asset. The decrease in trading volume suggests lower market interest or confidence, potentially leading to further short-term price declines. However, the increase in circulating supply could have contributed to the price drop by diluting the value of each coin. Given these factors, the short-term impact on Solana's price is likely negative.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100