Solana’s price has dropped significantly by 10% today, continuing its downward trend since it reached an all-time high of $294 on January 19. Currently, it is trading at $167, reflecting an 8% decline in the past 24 hours and a notable 40% decrease over the last month.

The upcoming unlocking of over 15 million SOL tokens, valued at around $3 billion, is adding to the selling pressure in the market. Additionally, other tokens within Solana’s ecosystem, such as JUP, RAY, JTO, and SOS, have also experienced declines exceeding 10% in the past day.

Market sentiment remains cautious due to ongoing concerns about regulatory issues and recent scandals, including the LIBRA controversy. The overall cryptocurrency market cap is at $3.15 trillion, with a 24-hour trading volume of $97.48 billion, as investors navigate a landscape characterized by increased scrutiny and potential fraud.

📎 Related coverage from: cryptotimes.io