SOL rebounds 4.3%, surpassing $180 after LIBRA fallout
Solana briefly crossed over the $180 threshold after it rose by 4.3%. That is the primary time SOL has gone over $180 since its LIBRA-induced hunch.
On Feb. 21, Solana (SOL) reached a day by day excessive of $180.19. The final time the token reached past the $180 threshold was on Feb. 18, proper earlier than it plummeted even additional beneath $170. It skilled a quick rebound of 4.3% round 09:30 UTC, however has since retracted barely to round $178.
In response to data from crypto.information, Solana has gone up by practically 3% prior to now 24 hours. The token is at present buying and selling palms at $178.79. Previously month, Solana has been in a hunch, taking place by greater than 30%.
Solana’s market cap at present stands at $87 billion, with a completely diluted valuation of $105 billion.
Not solely that, Solana additionally made a comeback by way of buying and selling quantity. In response to DeFi Llama, Solana has reclaimed the highest spot among the many DEX chains with $2.3 billion, surpassing Binance Good Chain (BNB), Ethereum (ETH) and Base (BASE). After Feb. 18, Solana misplaced its spot as the most important chain by DEX quantity for 2 days in a row.
The latest collapse of the Solana-based meme coin LIBRA (LIBRA), promoted by Argentinian President Javier Milei, proved disastrous to the Solana ecosystem and the meme coin market as an entire. The token crashed by 95% within the first few hours after its launch. LIBRA’s market cap fell by $4.4 billion in the identical time span.
In response to Nansen’s report, Solana’s liquidity suffered resulting from LIBRA’s downfall, with liquidity outflows spiked from $12.1 billion to $8.29 billion. After LIBRA’s collapse, Solana additionally skilled a 15% drop in worth, as many traders started to doubt the longer term issuance and sustainability of buying and selling meme cash.
