2024

Solana

Defi

Bitcoin ETF

Pyth Network

<div class="finbold">
 <p class="paragraph">As the majority of assets in the cryptocurrency sector start to reverse the exceptionally bullish gains from previous weeks, some are correcting faster and more intensely than others, including Solana (SOL), which has lost over $3 <a rel="noopener noreferrer nofollow" title="billion" href="https://thebittimes.com/tag/billion.html">billion</a> from its market capitalization in a single day.</p>
 <p class="paragraph">Specifically, Solana’s market cap has declined by over 6% in the last 24 hours, having dropped from $48.58 <a rel="noopener noreferrer nofollow" title="billion" href="https://thebittimes.com/tag/billion.html">billion</a> to $45.54 <a rel="noopener noreferrer nofollow" title="billion" href="https://thebittimes.com/tag/billion.html">billion</a> during this time, which represents a loss of $3.04 <a rel="noopener noreferrer nofollow" title="billion" href="https://thebittimes.com/tag/billion.html">billion</a> to its market value, as per data obtained from the crypto analytics platform <em>CoinMarketCap</em><em> </em>on February 21.</p>
 <figure class="wp-block-image"><img decoding="async" width="1200" height="800" src="https://cdn.thebittimes.com/images/2024/02/21/5b9ebee55086c5d113512581408f1c36.webp" alt class="wp-image-156372" srcset="https://cdn.thebittimes.com/images/2024/02/21/5b9ebee55086c5d113512581408f1c36.webp 1200w, https://cdn.thebittimes.com/images/2024/02/21/5b9ebee55086c5d113512581408f1c36.webp 300w, https://cdn.thebittimes.com/images/2024/02/21/5b9ebee55086c5d113512581408f1c36.webp 1024w, https://cdn.thebittimes.com/images/2024/02/21/5b9ebee55086c5d113512581408f1c36.webp 768w" sizes="(max-width: 1200px) 100vw, 1200px">
  <figcaption class="wp-element-caption"><em>Solana 24-hour market cap chart. Source: </em><em>CoinMarketCap</em>
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 </figure>
 <h2 class="wp-block-heading" id="h-solana-price-analysis">Solana price analysis</h2>
 <p class="paragraph">In the meantime, the price of Solana has dropped 6.07% in the past 24 hours, adding up to the loss of 10.78% across the last seven days, but nonetheless still clinging to the 16.94% total gain accumulated over the previous month, and currently trading at $103.41.</p>
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    </path> <path d="M15.996 18.6668L20.4626 14.2815C20.738 14.0166 20.9571 13.6989 21.1068 13.3473C21.2564 12.9957 21.3336 12.6176 21.3336 12.2355C21.3336 11.8534 21.2564 11.4752 21.1068 11.1236C20.9571 10.7721 20.738 10.4543 20.4626 10.1895C19.9074 9.64148 19.1587 9.33422 18.3786 9.33422C17.5985 9.33422 16.8498 9.64148 16.2946 10.1895L15.996 10.4801L15.6973 10.1881C15.1423 9.64023 14.3938 9.33301 13.614 9.33301C12.8341 9.33301 12.0856 9.64023 11.5306 10.1881C11.2552 10.453 11.0361 10.7707 10.8865 11.1223C10.7368 11.4739 10.6597 11.852 10.6597 12.2341C10.6597 12.6162 10.7368 12.9944 10.8865 13.346C11.0361 13.6975 11.2552 14.0153 11.5306 14.2801L15.996 18.6668Z" fill="#EF4444"> 
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 <figure class="wp-block-image"><img decoding="async" width="1200" height="800" src="https://cdn.thebittimes.com/images/2024/02/21/8ea22c12dcb565870ca0863ec0724b03.webp" alt class="wp-image-156373" srcset="https://cdn.thebittimes.com/images/2024/02/21/8ea22c12dcb565870ca0863ec0724b03.webp 1200w, https://cdn.thebittimes.com/images/2024/02/21/8ea22c12dcb565870ca0863ec0724b03.webp 300w, https://cdn.thebittimes.com/images/2024/02/21/8ea22c12dcb565870ca0863ec0724b03.webp 1024w, https://cdn.thebittimes.com/images/2024/02/21/8ea22c12dcb565870ca0863ec0724b03.webp 768w" sizes="(max-width: 1200px) 100vw, 1200px">
  <figcaption class="wp-element-caption"><em>Solana 24-hour price chart. Source: </em><em>Finbold</em>
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 <h2 class="wp-block-heading" id="h-why-is-solana-declining">Why is Solana declining?</h2>
 <p class="paragraph">Notably, the bearish streak coincides with the general change in sentiment across the wider crypto market, which seems to have enough impact to counter the positive developments for Solana, including its decentralized finance (DeFi) ecosystem surpassing $2 <a rel="noopener noreferrer nofollow" title="billion" href="https://thebittimes.com/tag/billion.html">billion</a> for the first time since June 2022.</p>
 <p class="paragraph">Indeed, the total value locked in DeFi projects on the Solana network briefly crossed the $2 <a rel="noopener noreferrer nofollow" title="billion" href="https://thebittimes.com/tag/billion.html">billion</a> threshold on February 20, with the current value staked on it standing at $1.98 <a rel="noopener noreferrer nofollow" title="billion" href="https://thebittimes.com/tag/billion.html">billion</a>, according to the most recent information retrieved from the DeFi analytics platform <em>Defi Llama</em> on February 21.</p>
 <figure class="wp-block-image"><img loading="lazy" decoding="async" width="876" height="540" src="https://cdn.thebittimes.com/images/2024/02/21/c27c9cbbce103680e9119ef5a78c0840.webp" alt class="wp-image-156374" srcset="https://cdn.thebittimes.com/images/2024/02/21/c27c9cbbce103680e9119ef5a78c0840.webp 876w, https://cdn.thebittimes.com/images/2024/02/21/c27c9cbbce103680e9119ef5a78c0840.webp 300w, https://cdn.thebittimes.com/images/2024/02/21/c27c9cbbce103680e9119ef5a78c0840.webp 768w" sizes="(max-width: 876px) 100vw, 876px">
  <figcaption class="wp-element-caption"><em>Solana TVL since June 2022. Source: Defi Llama</em>
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 </figure>
 <p class="paragraph">On top of that, the layer 1 blockchain has announced integration with the decentralized file storage network Filecoin (FIL) to host Solana’s block history in the future, allowing the ecosystem and Solana-based projects to move away from centralized data storage solutions.</p>
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    <p lang="en" dir="ltr"><br><br>I am really excited to see this launch. Huge thanks to @Filecoin for building an awesome decentralized archive layer. <br><br>And to @triton_one, who did a ton of work to ship this!<br><br> https://t.co/d08obtlrfl</p>— toly (@aeyakovenko) February 17, 2024
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 <p class="paragraph">Upon the news, the price of Filecoin immediately started to rally and has increased 24% since the announcement, adding up to the gain of 32.77% on its weekly chart. However, Solana has failed to mimic this surge and threatens to fall further down as its relative strength index (RSI) dips below 50.</p>
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em> The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.&nbsp;</em></p>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/3-billion-drains-from-solana-in-a-day-what-s-happening-tbt80398.html">https://thebittimes.com/3-billion-drains-from-solana-in-a-day-what-s-happening-tbt80398.html</a></p>

$3 billion drains from Solana in a day; What’s happening?

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