Solana (SOL) Nose Dips 85%, Market Cap Drops $16B in a Week

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

Solana price today saw a massive drop of roughly 9%. At the time of writing this news piece, Solana’s price point is 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 negative market sentiments is the key factor behind this 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 short-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.

Solana焼銭速度创历史新低，或将迎来一波多头趋势逆转

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.

Solana price today saw a massive drop of roughly 9%. At the time of writing this news piece, Solana’s price point is 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 negative market sentiments is the key factor behind this 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 short-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.

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.

Solana price today 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.

Solana price today is set to take another hit as a fresh batch of Solana tokens is about to enter the market. Investors cannot quite be at peace with this.

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.