Solana loses over 12% in a week as active addresses decline 

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Solana noticed a double-digit decline this week regardless of its opponents BNB and Ethereum experiencing features of over 11% and 5%, respectively. 

Solana and Avalanche stand out as the one two altcoins among the many prime 15 cryptocurrencies to undergo over 12% loss prior to now week. The market’s volatility was underscored by over $300 million in complete liquidations prior to now 24 hours alone, of which greater than $220 million got here from sellers offloading their positions. 

Solana, particularly, felt the warmth as lengthy positions exceeding $10 million have been liquidated, exerting quick promoting strain that drove its worth right down to the $100 assist degree.

Solana 24h market knowledge | Supply: CoinMarketCap

Additional evaluation reveals notable traits for Solana’s on-chain exercise, together with an almost 30% drop in active addresses from a peak of 1.02 million to 691,000 in latest weeks. Moreover, its buying and selling quantity has plummeted by almost 20%, as reported by CoinMarketCap. This lower in exercise and curiosity contributes to the bearish outlook on the token.

The ripple results of Solana’s downturn lengthen to its meme coin ecosystem, the place vital volatility has been noticed. Amongst these, BONK has seen its worth lower by over 15% inside the week. The second largest meme coin on Solana, dogwifhat (WIF), which reached an all-time excessive final week, has since dropped almost 30%. 

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