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Solana bleeds $2 billion in a day

Solana bleeds $2 billion in a day

Although the last week was exceptionally successful for Solana (SOL), the currently fifth-largest asset in the cryptocurrency sector by market capitalization, it has opened this week on a bearish note, having lost nearly $2 billion to its market cap in a single day.

Specifically, Solana’s market cap has dropped over 4% in the last 24 hours, declining from $47.76 billion to $45.78 billion during this time, which equals a loss of $1.98 billion, according to the latest information from the crypto market monitoring platform CoinMarketCap on February 12.

Solana 24-hour market cap chart. Source: CoinMarketCap

Solana price analysis

At the same time, Solana is currently changing hands at the price of $106.33, which demonstrates a loss of 2.92% in the last 24 hours but nonetheless an increase of 8.38% across the previous seven days in addition to gaining 15.38% over the past month, as per the most recent information.

Solana 24-hour price chart. Source: Finbold

Bears vs. bulls

As a reminder, Solana experienced a major network outage on February 6 in what was the first such incident since February 2023, during which its mainnet beta stopped working and producing blocks, resulting in a two-hour halt in activities, affecting users, investors, and developers.

Although this outage failed to pull SOL down at the time, the latest weakening could represent a delayed effect. However, one of the factors that could push its price and market cap back up is the recent 100,000 preorder milestone for Solana’s smartphone that merges blockchain with mobile technology.

Additionally, the pseudonymous stock and crypto investor Jelle recently pointed out the similarities between the movements of Solana and Ethereum (ETH) in 2020, hinting at the possibility of a bullish scenario for SOL that would “send it back to $120” as per the explanation shared on February 12.

Solana vs. Ethereum price action analysis. Source: Jelle

Overall, Solana seems to be in a bit of a pickle during the last day, but it does not mean that it may not recover soon, considering that things in this industry can often change on a whim. Hence, keeping a close eye on it and doing one’s own due diligence is important before investing in any crypto asset.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk. 

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