Solana Financial News

The past couple of months have not been kind to cryptocurrencies. The sector's aggregate market capitalization plunged 50% from a Nov. 10 peak at $2.87 trillion to the current $1.44 trillion. Solana's (SOL) downfall has been even more brutal, presently trading at $88 after a 66% correction since its $260 all-time-high.

Software wallet and browser extension Phantom has raised $109 million in Series B financing to continue expanding its cross-platform capabilities beyond Solana. 

The global cryptocurrency market capitalisation fell 3.11 percent over the last 24 hours to $1.67 trillion while the trading volume over the same period dipped by 4.98 percent to $55.89 billion.

One such example is Solana, which enjoyed the title of 'Ethereum Killer' till a few weeks ago. But now, it has lost its mojo. The digital token has slipped down to the eighth spot among the largest crypto tokens from the fifth position earlier. It has lost two-thirds of its value from the peak of $260 hit last November. The crypto-token was trading around $86.5 on Monday. In the last 24 hours, Solana has tanked more than 17 per cent with its traded volume down about 25 per cent in the given period. The volume in this token has remained low off late.

Bitcoin (BTC) set new multi-month lows on Jan. 24 as the new week began with some classic price behavior.

crypto cart scripted a small comeback ahead of the two-day Federal Reserve meeting that begins on Tuesday. Barring Solana, all other nine out of top-10 digital tokens were trading higher during early trade on Monday. Solana has lost about 65 per cent of its value in the recent selloff. The trading volumes remained light with many investors continuing to assess troubling economic conditions and a pronounced decline in equity markets.

Public blockchain platform Solana (SOL) experienced high network congestion once again over the weekend. The team confirmed the outage, which extended from Friday to Saturday, adding that the network suffered from overload due to bots spamming the network.

Without a doubt, the internet has transformed how the world could receive information, from reading news on Twitter, instead of picking up the daily paper to communicating with friends from around the world through instant messaging. As significant as the contributions of the internet have been, these developments have resulted in an entirely new concern, which one can define in three words — monopolization of power.

cryptocurrency market is known to go through volatile cycles of correction. This past week was one such deep correction with double-digit declines. From a technical perspective, the cryptocurrency market could be headed for a further dip. Bears are pretty active currently. Although it could seem to be a tight spot for several investors, it’s important to understand that true value creation happens during bear phases. Most of the top cryptos would be available at a discount currently. Investing in themes built around ideas could be a prudent approach forward. The largest cryptocurrency by market capitalisation, Bitcoin, climbed up in its market dominance. BTC dominance is now over 41% of the total crypto market cap of roughly $1.6 trillion.

Bitcoin sliding 4% and Ether down some 7% in late-afternoon US trading after an already brutal week. Bitcoin, the largest cryptocurrency by market value, traded at about $35,300 as of 4:15 p.m. It earlier touched $34,042.77, representing a loss of more than 50% from its all-time high last November. And it’s not alone: As crypto traders reacted this week hawkish signals from the Fed as well as fresh regulatory hints by the White House and the threat of an outright ban in Russia, the declines in Ether — the second-largest token — and in newer coins have outpaced Bitcoin’s fall. Over the past seven trading days, Bitcoin has shed around 20% of its value compared with nearly 30% for Ether. Solana’s SOL and DeFi-play Avalanche’s AVAX token have fallen nearly 38% each. And the wipeout in memecoins has been profound: Dogecoin is down 30% on the week while Shiba Inu is off 38%, according to CoinMarketCap.

Solana (SOL) price may fall to $70 a token in the coming weeks as a head and shoulders setup emerged on the daily timeframe and possibly points toward a 45%+ decline.

Crypto prices remained sluggish on Wednesday as Fed's hawkish stance and economic woes continued to spook crypto investors. Barring Bitcoin, Terra and Solana, all other seven out of top-10 digital tokens were trading lower during the early trade. Cardano dropped 6 per cent, thanks to the profit booking in the counter. Bitcoin was holding above the $42,000 mark although Ethereum slipped below $3,200 levels. The global crypto market cap dropped about a per cent lower to $2 trillion compared to the last day. The total crypto market volumes were flat, almost unchanged at $77.46 billion.

Nonfungible token (NFT) marketplace Metaplex has concluded a $46 million investment round to support its strategic pivot into metaverse applications — offering further evidence that existing blockchain networks were looking to capitalize on advances in Web3 technology. 

In the last year, more people than ever before have taken to cryptocurrencies as a medium for investment. It is estimated that this amount is more than 100 million people, including a growing number of Gen X-ers and baby boomers, two groups that were previously skeptical of its place. As a result, trading volumes have reached new all-time highs with volumes of an estimated $3.8 trillion.

Many have recognized that on the path to achieving real and long-lasting financial freedom is earning passive income, a way to make an investor's wealth work for them. The key is that as soon as an income stream can supplement your income, users can retire earlier and have more time to explore their passions. 

Bank of America digital asset strategist Alkesh Shah has predicted that Ethereum competitor Solana could become the “Visa of the digital asset ecosystem” in a Jan 11 research note.

The metaverse is more than a movie concept. It combines all digital experiences a user might encounter, replicating many of the actions one would take in the real world, including the purchase of property, homes and clothing, and the customization of one's own space and avatars.

Disclaimer: The text below is a press release that was not written by Cryptonews.com.

The Solana blockchain has faced its second network performance degradation incident this week. According to Solana, this is happening because of a rise in high compute transactions. 

Public blockchain platform Solana (SOL) went down again in the early morning hours on Tuesday, according to several community members, as well as the major crypto exchange Coinbase, which warned users that Solana was experiencing "network-wide degraded performance."

Solana is a highly scalable decentralized blockchain developed with a unique method of ordering transactions that significantly improves its transaction throughput, to the point that it has consistently been processing over 2,500 transactions per second. It claims to be able to process 50,000 transactions per second.