Sol, the native token of the Solana network, is one of the most efficient cryptos in recent days. Formerly the darling of the crowd of money even, the popular blockchain is faced with its most difficult test to date with its massive price drop and its drop in network activity.
Soil is currently negotiated at $ 173, but it is Almost 10% From the price last week and 15% compared to two weeks ago. If we zoom in on its price history, the token is down 27.5% compared to the price of last month.
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Last Tuesday, Solana lost 10% in 24 hours, triggering concerns among long -term holders and investors. According to data on the chain, the drop of token was partly motivated by the embarrassing launch of BALANCEwhich is currently the subject of an investigation. The swing of the balance after its launch caused panic among the holders of coins, with soil as one of its most important victims.
Network activity drops by 55% with a low volume
Solana’s current misfortunes go beyond the recent price action. According to data shared by Crypto Ali Martinez analyst, channel’s activities are slow-down. A Twitter / X position shared on February 17 noted that the number of addresses active on the network had today fell to 8.4 million 18.5 million in November 2024. These data reflect a decrease of 55%, a Alarming sign that the developers leave the mass platform in mass.
In addition, the total volume transferred to the network increased from $ 2 billion in November to only $ 26 million this week. This 99% drop reflects the loss of momentum of the project.
The total volume transferred to the #Solana $ Soil The network went from $ 2 billion in November to only $ 26 million today! pic.twitter.com/qgcomjd2it
– Ali (@ali_charts) February 17, 2025
More challenges to come for soil
Crypto analysts are preparing for the worst for soil in the coming weeks. Over the next three months, around 15 million soil chips valued at $ 7 billion will be unlocked. And by putting the inflation rate of 4.715% in the equation, the increased supply of ground token on the market will create a sale pressure.
Sol is currently increasing, but its price is well below its peak. The token is down 27.5% compared to the price last month and has a market capitalization of around $ 84 billion. From now on, initiates and investors hope that FNB SOC Sol will be approved in the short term.
Are the pieces even then?
The Sol Price action has benefited from the rise of the parts even newly struck on the platform. However, the number of token on the platform has decreased considerably in recent months. Solara was then the platform of choice for degens and developers, thanks mainly to its rapid transactions and its low cost.
However, recent events have affected the reputation of the platform, in particular the launch of pieces even on ground such as Melania and Balance.
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For example, the balance was launched with a lot of brass band, with the Argentinian president Javier Milei Share a message and recommend the project. However, a few minutes after returning his public post and pushed the new token in front of $ 5, he immediately crushed, which led a lot to say that it was a classic “rug-pull”. Melania is also linked to the scale; Some analysts say they share the same development team.
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