A Controversial Price Drop for Solana- 9.3% in Just 24 Hours

Solana took a nose dip today, dropping roughly 9% today. As of writing this news piece, Solana’s price point remains at $169.22. The 7-day drop is a staggering $90. The same applies to the coin’s market cap….

On 12th Feb, SOL started with a market cap of $98, 786, 699, 878. On 18th Feb, it is $82,661,980,073. An avalanche of market sentiments is the key factor behind the price drop. But that’s not all.  

Analysts feel that LIBRA controversies have a great role to play in it as well. LIBRA, as many investors suggest, has close ties with Trump’s political resources. Hence the coin got an inflationary jump. But it was shirt iced.  

The coin came down as fast as it moved upwards. Such a massive sell-off is rare in recent times. The coin fell a staggering 85%. Even the developers took away $87 million from the LIBRA project and reinvested in the USDC and Solana projects.  

Network Activities Playing the Kingpin  

Ali Martinez, the head behind many accurate cryptos projections, said on Monday- “the number of genuine buyer addresses has reduced from 18.5 million to just 8.4 million in a matter of 3.5b months.”  

With such a deadfall, investors could not keep their faith in the coin anymore.  

Future Actions for Recovery 

SOL has lost more than $90. The price trend of this coin is very deceptive. There’s a nose tip rally that brawls up the price. But a massive bearish dive always follows it. If the same trend continues, SOL can soon move towards another correction and reach the point of $160. Traders now hope that a positive movement around spot ETF approval may be around the corner. If that happens, the price can at least get some traction.  

More Negative Market Vibes  

As the fresh batch of Solana tokens is about to enter the market, investors cannot quite be at peace. SOLANA will witness a flashing supply of new tokens from Feb till April. 

Already, there is an inflation rate of 4.715%. When the fresh lot enters the market, this could mean a sure depletion of the per-coin price value.