Main navigation

Solana (SOL) Fall Might Be Stirred by Jump Trading, Here's How

Advertisement
Tue, 31/01/2023 - 14:59
Solana (SOL) Fall Might Be Stirred by Jump Trading, Here's How
Cover image via www.freepik.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

Many digital currencies are consolidating their prices in order to end the first month of the year with a relatively higher growth rate. In the case of Solana (SOL), the cryptocurrency is trading at a price of $23.78, down 1.42% over the past 24 hours and by 2.98% in the past week to trail the general trend in the broader ecosystem.

Though the top-ranked Layer 1 protocols are experiencing a similar price slump, the downtrend in Solana can be linked to the recent trading activities of venture capital firm Jump Trading. In an update shared by the crypto analytics service provider, the firm is currently dumping off its Lido DAO (LDO) token, a trend that started about four days ago.

The VC firm was reportedly transferring the LDO tokens to Binance, the last of which was in the last hours of Monday, as the sell-off continued to shrink the price valuation of LDO.

Advertisement

Related

As one of the top performing Decentralized Finance (DeFi) protocols on Solana, the sell-off and drop in the price of LDO also had a ripple effect on SOL.

Solana is still clear winner

When the performance of Solana is highlighted on a month-to-date basis, it is obvious that Solana comes off as one of the biggest gainers among the top 10 cryptocurrencies by market capitalization.

The cryptocurrency is up by 139.9% over the past month, inking a 30-day high of $26.65. The impressive Solana price action was induced by a number of fundamentals, including the rise of sensational meme coin Bonk (BONK). Bonk stirred up the community and helped increase the transaction count on the Solana blockchain in the first half of the month.

With hints that the upcoming Solana phone will support BONK token burning, Solana ecosystem users saw the future growth in the coin that translated to increased buying engagement.

Related articles

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement
Advertisement

Recommended articles

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD