Solana price drops 9% as trading volume spikes 76%

Solana’s price has plunged 9% in the last 24 hours as selling pressure mounts.

Solana (SOL) has been among the worst performers in the last 24 hours, down by approximately 9%, according to crypto.news. Having opened at $177.92, it has fallen below $170, according to CoinGecko’s historical data. The last time SOL was trading at this level was in late Oct. 2024, when it closed at $170.56 after opening at $164.34.

At the time of writing, Solana’s intraday high stands at $186 while the intraday low is at $164, with a price swing of over around $22. If the price closes below the $165 support level, it could drop further toward $150 in the near term.

Meanwhile, SOL’s trading volume is up by 76% in the last 24 hours, reflecting heightened selling pressure and a hike in volatility. The surge in trading activity suggests that investors are either taking profits or cutting losses amid fears of further price drops. That being said, some investors may be buying the dip, taking advantage of the rare opportunity. 

SOL’s price struggles stem partly from the recent high-profile rug-pull scams on the Solana network as Solana-based wallets have been linked to fraudulent projects, most notably Libra (LIBRA) and Melania (MELANIA). Additionally, data from LookOnChain indicates that $772 million worth of stablecoins have exited Solana’s ecosystem in the past week, suggesting declining investor confidence in the network.