During the initial week of 2024, the digital currency solana experienced a sharp decline, shedding over 6% in value. This downturn has relegated the crypto asset to the fifth position in market rank, as it oscillates beneath the $100 threshold on Saturday, Jan. 6, 2024.
2024 Brings Chill to Solana’s Market Performance
After surging by over 700% in 2023, solana (SOL) has experienced a cool-off period. In the last week, SOL dipped slightly more than 6%, yet it still boasts a 46% increase against the U.S. dollar over the preceding month.
As of Jan. 6, 2024, SOL’s intraday value fluctuated between a high near $100 and a low of $92.23, trading at $96.75 per unit at 12:51 p.m. Eastern Time. Notably, SOL commands significant influence in South Korea’s market, trading at $99 on Upbit and $98.81 on Bithumb, surpassing the global average of $96 per unit as noted on aggregate market sites.
Tether (USDT) is SOL’s primary pair, constituting over 67% of all solana trades, followed by the U.S. dollar and Korean won, contributing 14% and 8% of SOL’s trade volume respectively, according to data from cryptocompare.com.
Behind them, BTC and the stablecoin FDUSD represent 3.35% and 2.68% of SOL’s trading activity. Currently, Solana ranks fifth in global trade volume, reaching $2.287 billion in the last 24 hours, though this figure has dipped over 30% from the previous day.
SOL’s market capitalization stands at $41.30 billion, accounting for 2.387% of the total $1.73 trillion crypto market value. Despite a commendable 621% rise over the past year, SOL is still trailing more than 63% below its peak of $259 per unit on Nov. 6, 2021.
As the crypto asset navigates the volatile market, its future trajectory remains uncertain, leaving investors to wonder if it will continue as a leading performer in 2024.
What do you think about solana’s market performance this week? Share your thoughts and opinions about this subject in the comments section below.