Solana, Cardano, and Avalanche are currently leading the cryptocurrency market losses, with each experiencing drops of over 5% in the past 24 hours.
Solana, Cardano, and Avalanche are currently leading the cryptocurrency market losses, with each experiencing drops of over 5% in the past 24 hours. Solana’s price fell by 5.6%, bringing it down to $125.32. Similarly, Cardano dropped 5.5%, bringing its price to $0.6031, and Avalanche saw a 5.8% decrease in value. Other altcoins, including Chainlink, also showed notable losses, with Chainlink falling by 3.7%.
Bitcoin, in contrast, has performed relatively better, with a smaller 2.2% drop in the same time period. Ethereum's price, like the broader market, also dropped 4.4%, settling at $1,571.61. Overall, the crypto market is down by 4.3%, with altcoins struggling more than Bitcoin.
Despite these losses, there have been some positive developments in the Solana ecosystem. Canadian regulators approved Solana ETFs for spot trading, with the products set to launch in Canada this week. While U.S. regulators have yet to approve any Solana ETFs, this move in Canada has brought some optimism. The approval is seen as a step forward for Solana, which has struggled with scandals surrounding Solana-based meme coins like Official Trump (TRUMP) and LIBRA. The token is now down almost 50% from its peak of $262.56 on Jan. 19, 2025.
Additionally, some institutional interest in Solana remains. Real estate financing platform Janover recently purchased $10 million worth of Solana tokens, acquiring 80,567 SOL. The Solana Policy Institute, a Washington, D.C.-based lobbying group, is also preparing for an upcoming funding round, providing more support to the ecosystem.
Despite the downward price movement, Solana has seen a 17.5% increase over the past week, but it has lost 2.8% month-over-month. This comes as the broader altcoin market continues to struggle with lower venture capital funding, which has decreased by 50-60% from its 2021-2022 levels. This lack of investment is particularly affecting the altcoin sector, including Solana.
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