#solana

Solana Facing Challenges Amidst Price Decline

Solana (SOL) is currently experiencing a significant drop in price, erasing the gains made post-Donald Trump's reelection. The SOL/USD trading pair plummeted by 7.35% on Feb. 24 to $157.25, marking its lowest point since November. This decline is part of a larger correction that began on Jan. 19 when SOL hit an all-time high of $295.31, resulting in a 47% decrease in price. Various factors contributing to the price decline include alleged ties with North Korea's Lazarus Group, upcoming token unlocking events, and negative funding rates. Additionally, memecoin scams and hacks have impacted user trust and capital inflows, leading to reduced trading activity and weakening demand for SOL. Concerns over the upcoming token unlocking event on March 1 and decreasing open interest in the futures market further indicate a potential downward trend in SOL's price.