Hassan Maishera
TL;DR
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Solana has been one of the best performers recently after rallying to the $46 mark earlier this week.
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The coin is now down by more than 7% and is trading just below $39.
SOL Retraces From Its 14-Month High
The cryptocurrency market has underperformed over the last 24 hours, with prices of most coins and tokens currently in the red zone.
Bitcoin has lost more than 2% of its value since Thursday and is currently trading at $34,512. Ether, the second-largest cryptocurrency by market cap, is also down by more than 2% in the last 24 hours and has dropped below $1,800 once again.
However, SOL, the native coin of the Solana blockchain, is one of the worst performers amongst the top 10 cryptocurrencies by market cap. After rallying by more than 25% this week, SOL hit a 14-month high price just above $46 on Wednesday. SOL has rallied by more than 300% since the start of the year after the coin began 2023 trading around $10.
However, SOL is now down by 7% over the last 24 hours as it retraces some of its gains. SOL is now trading at $38.62 and has a market cap of $16 billion.
Solana took center stage in the market this week after many observers questioned its future following the collapse of Sam Bankman-Fried's FTX exchange and Alameda Research trading firm last year. SBF and his companies were large investors in the Solana project.
Despite Solana’s association with SBF, the coin continued to garner interest among investors. Data obtained from CoinShares revealed that crypto funds holding SOL enjoyed nearly $100 million of inflows so far in 2023, while Ether recorded a negative outflow.
With the market currently bearish, the total cryptocurrency market cap has dropped to $1.27 trillion, down by almost 2% in the last 24 hours.
