Solana Drops to Seventh Spot as Selling Pressure Surges
Solana (#SOL) has dropped to seventh place among cryptocurrencies, losing over 60% of its value in three months. This decline followed significant selling by both large investors and retail traders.
Key points:
- Two whale addresses sold over $26 million in SOL tokens on April 8-9, impacting the price amid market uncertainty.
- The market cap of Solana is approximately $55 billion, with current trading around $107.
- Liquidations reached $19.6 million due to bearish sentiment, including $12.6 million in longs and $7 million in shorts.
- SOL has lost 64% from its all-time high of $294 in January.
- Analysts suggest possible recovery patterns, but opinions vary on future price movements.
The overall crypto market remains uncertain due to macroeconomic factors, including a global tariff war, leading to predictions of a potential bear market lasting six months.