The Solana Price retreated rapidly during the weekend, even the network capted a record $ 258 billion milestone in January.
Solana (Sol) on Sunday year, with a decline of nearly 30% from its highest level, brought its market cap to $ 103 billion.
In the final check, Sol hovered at around $ 212. See the chart given below.
It’s not just sola,
The ongoing sales in the Crypto industry sent most coins in red. Bitcoin (BTC) briefly moved below $ 100,000, while all cryptocurrency’s total market cap crashed from about 4% to $ 3.4 trillion.
Solana’s coin dropped even after the network reduced its most successful month on records. As Defee lama, The protocols in Solana Ecosystem are more than $ 258 billion in January. This is a record high.
The increase increased the total volume in the network to more than $ 969 billion. If the tendency continues, it is expected to cross the $ 1 trillion milestone in Solana February. After all, it is handling over $ 40 billion in a week.
The Solan Dex ecosystem was the largest player in the Ekka, Metora and Lifeinity and Radium (Ray), with a 30-day volume of more than $ 120 billion during the month.
Mem coin launchs
Various meme coins launched development throughout the network. President Donald Trump launched the official Trump (Trump), which became one of the largest meme coins launched on records as its market cap exceeded $ 15 billion.
It is currently 70% below its peak.
The other top Memes launched in January were Sikka Melania and Wine. As shown below, more than 78,000 new solana tokens are made daily.
Solana lost speed
The number of active Solana wallets fell to 3.6 million. It is below 6.5 million on January 19.
In addition, the market cap of all Solan Mem coins has slipped. $ 14 billion Last month’s high $ 25 billion.
The daily chart suggests that the sole price has crashed in the last few days. It has retreated from the year-by-year high of $ 295.4 on 19 January.
In 2017, the coin created by former Qualcomm Engineer Anatoli Yacowenko, went below the 50-day moving averages and major support at $ 223, its highest swing on 6 January.
It has gone below the 50-day moving averages and has a major support at the highest level of $ 210 on March 18 last year.
The next value to view is $ 170-the neckline of the dabble-top pattern.
Hope for a solana ETF
Recently, CBOE BZX reflected applications for several asset managers, including bitwaiz, vanek, 21 shares and canary capital. This marks the second attempt of CBOE after the previous rejection, reviewing the filing under the US Securities and Exchange Commission now considered as a more crypto-friendly White House.
The new SEC acting chair, Mark Uyda, is seen as a more assistant to Crypto, which raises expectations for approval.
Polymarket bookies placed the Solan ETF approval obstacles at 57% by 31 July, although Bloomberg’s analysts suggest that the Litcoin may be next in the line.
Meanwhile, bitcoin and atherium ETFs have already drawn billions, indicating strong demand for crypto investment products. The main question is: Will regulators embrace more crypto ETFs, or are waiting for Altcoin?
At least one expert in Solana believes: analyst Knox Ridley I/O Fund,
Solana’s unique “Proof of History” protocol will make it a market leader, calling it Ridley. The poh of the blockchain enables a high throwput of 65,000 transactions per second without other layers, making it faster and more efficient than the protocol of the atherium, which is a proof of the stake, which records a maximum record of 62.34 Looks at the TPS, Chain,
