Breaking News!
Solana (SOL) Crashes 15% After Massive Profit-Taking Spike!
Key Highlights:
A massive spike in profit-taking activity sent Solana's price into a nosedive, dropping 15% after hitting $180.
◆ On-chain data reveals that investors seized the chance to realize profits, driving a sharp decline.
◆ According to Glassnode, Solana's realized profit saw an astounding hourly spike of over $257 million!
Remarkably, 99% of these profits ($255 million) came from coins held for just 1 day to 1 week!
*What Happened?
The Solana network experienced a frenzy of profit-taking, with investors cashing in on their gains after the cryptocurrency's rally. This surge followed President Trump's announcement of a Crypto Strategic Reserve, which includes SOL among five digital assets.
What Does This Mean for Solana? Solana's price has now retraced to $136 following the selloff. The recent profit-taking spree highlights the volatile nature of the crypto market and the potential for swift price movements.
