Solana’s SOL price experienced a notable setback during the first week of the new year, sliding by 10% to under $100. This decline marked a significant retracement from its recent peak of $115 on January 2.
Still, its ecosystem continues to thrive, witnessing a surge in transaction volume and a growing stablecoin dominance.
SOL’s Price Cools Down
Last year, Solana stood out as one of the top-performing cryptocurrency, exhibiting a staggering surge of nearly 1,000%. While most of this growth occurred during the latter part of the year, it coincided with a resurgence in Solana’s DeFi sector and increased network activity.
Several observers had anticipated this positive trend to extend into the new year, supported by early indicators. As of December 31, SOL was trading at $103 and quickly ascended to $115 by January 2. However, the altcoin’s price experienced a correction on January 3, triggered by a report that the US SEC might reject all pending spot Bitcoin ETF applications.
Since then, the price decline has persisted, with SOL value dropping as low as $92 earlier today. Solana has since recovered to $95.35 as of press time.
Read more: Is Solana (SOL) Prepared to Skyrocket by 50x in 2024?
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Author: Oluwapelumi Adejumo
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