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Solana Slides 17% to Lead Losses Amid Crypto Market Plunge

source-logo  coindesk.com 24 January 2022 09:53, UTC

Major cryptocurrencies fell as much as 17% in 24 hours as the crypto market followed a broader decline in U.S. stock index futures on Monday. Bitcoin, the world’s largest cryptocurrency by market capitalization, fell to under $33,700 at the time of writing after trading above $34,000 in Asian morning hours.

Tokens of Solana (SOL) were down 17%, changing hands at $84.17, data from analytics tool CoinGecko showed. Solana was among the top performers in 2021, rising from $3 at the start of last year to over $259 in November. It's down 67% from its all-time high, and 42% lower than last Monday.

Nearly 81% of all traders were long, or betting on higher prices, as some technical indicators suggested bitcoin was oversold and a price rally could be expected.

Meanwhile, some analysts said the market could see a further drop.

“Alarmingly, the sharp reversal on Friday was not followed by any meaningful bounce," said Alex Kuptsikevich, senior financial analyst at FxPro, in an email to CoinDesk. "Some observers point out that this is a worrying signal, suggesting further market declines, as we have not seen a final capitulation. Without capitulation, the markets will remain with an overhang of sellers.”

“Events are developing in a bearish scenario, so far broadly repeating what we saw in 2018 in terms of overall sentiment,” Kuptsikevich said.