Solana faces price correction, down to $105.95, after a 956% yearly rally. The market sees this as a natural adjustment before New Year.
After a brilliant rally this December Solana (SOL) is experiencing a significant price correction, Currently trading at $102.59, down 5.53% in the last 24 hours. The altcoins trading volume also dropped by over 22% to $4.36 billion.
Starting the year at $8.14, Solana saw a massive 956% increase over the year, outperforming Bitcoin’s 159% growth.
Despite the recent price drop, Investors see the decline as a normal reaction to its rapid growth ( a correction), with traders possibly taking profits ahead of the New Year.
See Also: New Solana Memecoin, Silly Dragon (SILLY), Reaches 300% Weekly Rise
The Solana ecosystem, known for outperforming Ethereum in NFTs and DEX trading volume, is also experiencing a slowdown.
This includes Solana-based meme coins cooling off from their rapid price increases. Yet, people believe that Solana will bounce back, given its history of recovering from price falls.
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Source: https://bitcoinworld.co.in/solana-sol-enters-price-correction-mode-as-the-year-draws-to-a-close/