Solana drops over 15% in a single day, giving up entirety of weekly gains

Solana experienced a significant drop of over 15% in just one day, erasing all the gains it had accumulated throughout the week. The cryptocurrency fell to a five-day low of $166 on March 19, after briefly reaching close to $210 and achieving a new all-time high market cap of around $92 billion. However, some recovery took place after a full day of market bleeding, with Solana trading at approximately $174 and holding a market cap of roughly $77 billion. This recent dip brings Solana’s price closer to the levels seen on March 14, when it hit a low of $162 with a market cap of $71.9 billion. While SOL remains slightly below its recent highs, the overall market trend has been bearish since March 16, leading both Bitcoin and altcoins to lose ground. Solana-based tokens were not exempt from the downturn, with most of them experiencing losses. However, some tokens managed to escape the downward trend and made gains, such as Dexlab (DXL) and Mango (MNGO). Nonetheless, the average loss for Solana-based tokens over 24 hours was 6.21%, which was less severe compared to the overall crypto market’s losses of 8.0%. The decline in Solana’s price suggests that its upward trajectory in US dollars may not be indefinite, although the cryptocurrency’s future performance could be influenced by various factors and developments.