Solana Token Backed Layer-1 Blockchain Plummets Double-Digits


  • The SOL token backing the layer-1 blockchain has fallen down double-digits.
  • SOL further drops down a whopping 12% in value in just the past 24 hours.
  • SOL had already fallen from $36.29 to a mere $31.02 this Monday morning.

The SOL token backing the speedy layer-1 blockchain has plummeted double-digits, irrespective of the news that Google Cloud will begin running a Solana validator. Solana is a PoS, proof-of-stake, layer-1 blockchain offering similar operations as that of Ethereum, comprising NFTs and DeFi applications.

According to data from Coingecko, SOL has fallen 12% in value in the last 24 hours, proving to be nothing less than an Ethereum killer’s native token. 

Earlier this Monday morning, the SOL fell from $36.29 to a mere $31.02, and since then it has staged a modest rally to $31.80 pricing. Among many other prevalent issues, trading volumes also saw a major 19.22% dip to $2.77 billion in the same period of time.

Today’s price action also sidelined Solana’s weekly gains putting it down 4.2% over the week. SOL is down 87.8% compared to $259.96, its all-time record a year before.

According to the data from Coinglass, over the past 24 hours, Solana’s $8.37 million worth of futures positions was liquidated, out of which 85.14% of the liquidation cropped up from blown-out long trades.

The SOL has literally gone down to becoming the 10th-largest cryptocurrency, quite low from its previously held position, with its market capitalization slipping down to nearly $11.29 billion, after losing to Dogecoin, Elon Musk’s favourite crypto. 

Additionally, the the first-time buyers metric tanked to 6.097 buyers on November 6 from 17,090 buyers on October 28.