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<p>The post <a href="https://coinpedia.org/news/why-solana-price-is-dropping/">Why Solana Price Is Dropping?</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>The cryptocurrency market is experiencing a sharp decline, causing concern among investors. Bitcoin (<a href="https://markets.coinpedia.org/bitcoin/" target="_blank" rel="noreferrer noopener">BTC</a>) has fallen over 10%, now at $53,270, while Solana (SOL) the 5th largest cryptocurrency has dropped to nearly 17%. Meanwhile, the overall crypto market value has decreased by 13% to $1.87 trillion, even though trading volume has jumped by 119.72% to $142.44 billion.</p> 
<h2 class="wp-block-heading" id="h-why-solana-s-price-is-falling">Why Solana’s Price is Falling</h2> 
<p><a href="https://coinpedia.org/price-analysis/alert-solana-sol-breaches-crucial-level-eyes-on-125/" target="_blank" rel="noreferrer noopener">Interest in Solana</a> has grown as traders look forward to the <a href="https://coinpedia.org/news/breaking-21shares-files-s-1-for-solana-etf/" target="_blank" rel="noreferrer noopener">upcoming Solana ETFs</a> in the U.S. Amidst this, the recent drop in crypto prices is linked to a sell-off in the Japanese stock market, with the Nikkei 225 index falling by 7.1%.</p> 
<p>On August 2, Japanese bank stocks experienced their worst day since 2008 after the central bank raised interest rates. This sudden market crash wiped out about $500 billion from the total crypto market in three days, the biggest loss in over a year.</p> 
<p>On August 2, Japanese bank stocks experienced their worst day since 2008, following the central bank’s decision to raise interest rates. This sudden market crash resulted in a brief wipeout of about $500 billion from the total crypto market capitalization over three days, marking the largest 72-hour loss in more than a year.</p> 
<h2 class="wp-block-heading" id="h-solana-s-strong-dex-performance">Solana’s Strong DEX Performance</h2> 
<p>Despite the broader market downturn, Solana’s decentralized exchange (DEX) <a href="https://coinpedia.org/price-analysis/solana-outperforms-ethereum-despite-10-price-drop/" target="_blank" rel="noreferrer noopener">performance has been strong. </a>In July, 30% of crypto DEX volume came from protocols built on the Solana network, surpassing Ethereum’s 28.12%.&nbsp;</p> 
<p>By the end of the month, Solana’s DeFi ecosystem had processed $56.849 billion in transactions, while Ethereum had handled $53.867 billion.</p> 
<h2 class="wp-block-heading" id="h-solana-price-analysis">Solana Price Analysis</h2> 
<p>As of now, Solana (SOL) is currently <a href="https://markets.coinpedia.org/solana/" target="_blank" rel="noreferrer noopener">trading at $121.58</a>, reflecting a drop of 15.76% in the last 24 hours and 37.2% over the past week. If the price drops below $115, it might fall further to the support level of $107. On the other hand, if it rises above $135, it could reach the resistance level of $164.</p> 
<p>Also Check Out: <a href="https://coinpedia.org/news/japan-stock-market-correction-trigger-crypto-market-crash-bitcoin-ethereum-bleeding/" target="_blank" rel="noreferrer noopener">Japan Stock Market Crash Trigger Crypto Market Crash, Bitcoin &amp; Ethereum Bleeding&nbsp;</a></p>

Why Solana Price Is Dropping?

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