Solana (SOL) fell 15.9% on March 19, hitting a five-day low of $166. After a week-long rally, it briefly reached close to $210, reaching a new all-time high market capitalization of approximately $92 billion.
As of press time, SOL had recovered some of its losses as market momentum turned bullish after bleeding throughout the day. The token is trading around $174 at press time and has a market capitalization of about $77 billion, according to CryptoSlate data.
Solana was at a relatively low figure on March 14th, when its asset price was as low as $162 and its market capitalization was $71.9 billion.
Despite one of the biggest declines over the past day, SOL is still slightly below recent highs and is up 15% over the past seven days. However, the overall market trend has been bearish since March 16, and both Bitcoin and altcoins continue to decline as bears push prices lower ahead of the Federal Reserve’s FOMC meeting.
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Solana’s losses extended to all but 71 of the 85 Solana-based tokens based on CryptoSlate data. LuaSwap (LUA) had the highest daily loss percentage (-62%), followed by KING (-32.3%). Meanwhile, Solana’s two major DEXes, Jupiter (JUP) and Raidium (RAY), fell 13.27% and 22.17%, respectively.
Nonetheless, a number of Solana-based tokens escaped the downtrend. DEX launchpad Dexlab (DXL) gained 31%, while notoriously hacked DeFi platform Mango (MNGO) posted a 21% gain. Eleven other Solana-based assets saw gains between 3% and 13%.
Tokens in the category fell an average of 6.21% over 24 hours, representing a slightly less severe decline than the cryptocurrency market’s overall loss of 8.0%.
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Earlier this month, Solana price rose along with memecoin excitement, partly due to the Dogwifhat (WIF) craze. Like many other tokens, SOL has benefited from a cryptocurrency market that has remained strong even after Bitcoin’s brief recent all-time high.
Solana also recorded high DEX trading volume, with reported trading volume of $2.8 billion on March 18. This coincides with SOL’s all-time high against the Ethereum (ETH) price.
Recent losses suggest that Solana’s price per token in USD will not rise indefinitely, but it is possible that other trends and developments may lead to a recovery in price performance.
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