Solana, Cardano Lead Crypto Market Lower as Traders Grapple With Bitcoin Headwinds
CoinDesk 20, a liquid index of the highest traded tokens, slumped 2.86% in the past 24 hours.
Binary trading platforms with better performance and payouts
Solana
CoinDesk 20, a liquid index of the highest traded tokens, slumped 2.86% in the past 24 hours.
A bump in network activity and usage could contribute to an upside for Solana’s SOL tokens.
The Saga smartphone. (Danny Nelson/CoinDesk)
The Solana ecosystem boomed in December as bonk tokens started a multiweek run of over 1,000%, grabbing listings on influential exchanges Binance and Coinbase.
Solana has been one of the biggest gainers of the latest crypto cycle, with a handful of airdrops and meme tokens accelerating big boosts in the price of SOL. Also, Ethereum co-founder Vitalik Buterin has released an updated roadmap for the ecosystem.
The Solana-based trading aggregator will test the longevity of the Solana frenzy.
Traders were moving capital from SOL to stablecoins suggesting profit taking, one analyst said in an interview.
Solana co-founder Anatoly Yakovenko. (Danny Nelson/CoinDesk)
Solana ecosystem tokens have surged several multiples in the past month. Traders could now be taking profits to rotate funds into newer plays.
Memecoin traders and airdrop farmers are bringing more attention to Solana.