Solana price today: SOL price declines, volume increases
Solana (SOL) price drops and trades at $97.75 at the time of writing on Monday, falling from $119.26 and marking a 18.03% decline in the last 24 hours. The daily trade volume climbed by 255.07% to hit $5,703,751,556. Volume increase amidst a price decline can be interpreted as profit-taking or repositioning by crypto traders ahead of the next move in Solana price. Solana declined 22.55% in the last 7 days, and the total market capitalization currently hits $50,388,795,247. In the last 24 hours, First Digital USD, Dai and PayPal USD rallied, emerging as top gainers while Berachain, KuCoin Token, Aave declined, ranking as top losers in the market.
Cryptocurrency prices FAQs
Token launches influence demand and adoption among market participants. Listings on crypto exchanges deepen the liquidity for an asset and add new participants to an asset’s network. This is typically bullish for a digital asset.
A hack is an event in which an attacker captures a large volume of the asset from a DeFi bridge or hot wallet of an exchange or any other crypto platform via exploits, bugs or other methods. The exploiter then transfers these tokens out of the exchange platforms to ultimately sell or swap the assets for other cryptocurrencies or stablecoins. Such events often involve an en masse panic triggering a sell-off in the affected assets.
Macroeconomic events like the US Federal Reserve’s decision on interest rates influence crypto assets mainly through the direct impact they have on the US Dollar. An increase in interest rate typically negatively influences Bitcoin and altcoin prices, and vice versa. If the US Dollar index declines, risk assets and associated leverage for trading gets cheaper, in turn driving crypto prices higher.
Halvings are typically considered bullish events as they slash the block reward in half for miners, constricting the supply of the asset. At consistent demand if the supply reduces, the asset’s price climbs.
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FXStreet Team
FXStreet
