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Why Solana Price Dropped: The Signals Were Already Given - Coin Bulletin
Last night's drop in the price of Solana (SOL), one of the largest altcoins, may have foreshadowed its future.
According to CoinGecko data, the price of Solana, which went up to $109 yesterday, fell below the $100 level in the evening.
At the beginning of the week, the SOL, which reached 125 dollars, its highest level since April 2022**, lost 20% of its value with yesterday's activity**.
Meme coins like BONK, which have contributed to the movement of the Solana ecosystem in recent weeks, have seen a 27% weekly drop** according to data from TradingView.
According to David Shuttleworth, a research partner at Anagram, the increased funding rates in derivatives positions foreshadowed a possible decline in the price of Solana.
According to Shuttleworth, many investors have recently exited Solana and converted their money into stablecoins to take profits or close positions.