On March 19, Solana (SOL) experienced a notable decline of 15.9%, dropping to a five-day low of $166 after a week-long rally that briefly pushed it close to $210, marking a new all-time high market cap of approximately $92 billion.
As of the current time, SOL has managed to recover some of its losses as market sentiment turned bullish after a full day of decline. The token is currently trading at around $174, with a market cap of approximately $77 billion, according to data from CryptoSlate.
Solana previously saw similar low figures on March 14, when it traded as low as $162 and held a market cap of $71.9 billion.
Despite being among the biggest losers over the past day, SOL remains just slightly below recent highs and has gained 15% over the past seven days. However, the overall market trend has been bearish since March 16, with both Bitcoin and altcoins losing ground as bearish sentiment prevails ahead of the Fed’s FOMC meeting.
Losses in Solana extended to almost all Solana-based tokens, with only 71 out of 85 tokens based on CryptoSlate data witnessing declines. LuaSwap (LUA) experienced the most significant daily losses (-62%), followed by KING (-32.3%). Additionally, the two main DEXs on Solana, Jupiter (JUP) and Raydium (RAY), saw declines of 13.27% and 22.17%, respectively.
However, several Solana-based tokens managed to escape the downward trend, with DEX launchpad Dexlab (DXL) gaining 31% and the famously hacked DeFi platform Mango (MNGO) seeing gains of 21%. Eleven other Solana-based assets saw gains ranging between 3% and 13%.
On average, tokens in this category experienced a 6.21% decline over 24 hours, slightly less severe than the overall crypto market’s losses of 8.0%.
Earlier in the month, Solana prices surged alongside the hype surrounding memecoins, partly fueled by the Dogwifhat (WIF) craze. SOL also benefited from a robust crypto market even after Bitcoin’s recent brief all-time highs.
Solana has witnessed high trading volumes on DEXs, with $2.8 billion reported in volume on March 18, coinciding with an all-time high for SOL against the price of Ethereum (ETH).
However, the recent losses indicate that Solana’s per-token price in US dollars may not continue to rise indefinitely, though other trends and developments could potentially revive its price performance.