The price of Solana (SOL) has just breached the 160 USD mark, reflecting widespread negative sentiment across the cryptocurrency market. This correction occurs alongside the decline of both Bitcoin and Ethereum – the two leading market assets.
The primary reasons stem from technical factors and pessimistic sentiment, rather than any specific internal event related to Solana. The development team, led by Anatoly Yakovenko and Raj Gokal, has yet to make any official statements regarding this price drop.
“Although the recent price drop has been widely discussed among analysts and the community, the leadership of Solana has not yet commented on SOL losing the 160 USD mark.”
– Anatoly Yakovenko, Co-founder & CEO of Solana (quoted from Coinpedia)
Notably, despite selling pressure, data shows that strong accumulation activity is taking place in the lower price range – indicating the confidence of a segment of long-term holders. No significant sell-off movements from institutions or impacts from regulatory factors have been recorded at this time.
The weakening of SOL is also reinforced by similar negative movements from BTC and ETH, along with some mild impacts on the DeFi ecosystem integrated on Solana – although there are currently no clear signs of systemic risk.
In the coming time, analysts are closely monitoring the resilience of SOL, with the expectation that accumulated buying pressure could play a technical support role. Meanwhile, Solana remains an important Layer-1 asset that needs to be evaluated in the context of continuously shifting liquidity volatility and macro sentiment.
