The biggest of the digital assets registered a major decline on Tuesday in Asian trading hours. The cumulative crypto market cap dropped by more than 6% over the last day to stand at $2.28 trillion. However, Solana and meme tokens built on it saw the biggest drop recently.
Solana dips 14%
As per the data, Solana (SOL) price dropped by around 14% in the last 24 hours. This price action had added more fuel to its plunge of 24% in the last 7 days. SOL is trading at an average price of $133.3, at the press time.
On April 1, 2024, Solana price went on to hit above the $208 mark, however, it later dropped to a price range of $124.87 around April 14, 2024. This shows the height of volatility in the crypto market. Solana’s 24 hour trading volume is down by 7% to stand at $5.6 billion. It is still holding a market cap of $59.7 billion to stay at the 5th spot among top cryptos.
If we take a look at Solana Ecosystem, its cumulative market cap had dropped by around 6% in the last 24 hours to stand at $197.5 billion. The 24 hour trading volume is marginally down to stand at $98.4 billion.
Dogwifhat, one of the biggest gainers of the year 2024 saw a steep decline of 15% in the last 24 hours and a drop of 36% in the past 7 days. This shows the current trend of the crypto market. EIF price is still up by over 1500% on the YTD metrics.
Where will market move next?
The recent market downturn has left many investors pondering the next move. The sentiments have been divided between a continued downward trend, a V-shaped recovery, or a prolonged period of market “chop.”
Experts suggest what could be next as in the continued downtrend, the market continues its declining trajectory by testing new lows. While V shaped recovery is a rapid rebound where the market recovers losses quickly. The new term floating in the market ‘Chop’ suggests a sideways movement with high volatility, causing emotional distress for investors.
Market “chop” can be particularly challenging for novice investors. Unlike sharp market movements that resolve quickly, chop can persist for weeks or even months, causing emotional turmoil as investors grapple with alternating feelings of euphoria and despair.
