Zinger Key Points
- Solana’s price has dropped 14% over the last 30 days, despite increasing trading volumes.
- A crypto trader views Solana’s current valuation as undervalued relative to its network usage and growth trajectory.
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Solana SOL/USD has dropped below the $200 mark, down 6% on the day as the wider cryptocurrency market continues its slide.
| Cryptocurrency | Price | Market Cap | 24-Hour Trend | 7-Day Trend |
| Solana SOL/USD | $196.99 | $95.3 billion | -6.2% | +3.9% |
| Bitcoin BTC/USD | $95,256.56 | $1.88 trillion | -5.3% | +1.8% |
| Ethereum ETH/USD | $3,353.91 | $404.2 billion | -7.7% | +0.8% |
Trader Notes: Prominent venture capitalist Andrew Kang stated in a post on X on Wednesday that Solana has retraced most of its gains following the post-Trump election rally, creating what he considers a buying opportunity.
Kang believes an ETF approval for SOL in 2025 is highly likely, with critical deadlines in the year’s first quarter.
Unlike Ethereum, Solana does not face challenges like the Grayscale overhang, which could support a smoother market recovery.
Kang highlighted Solana's strong network activity and growth rate, suggesting that its valuation is relatively cheap compared to its fundamentals.
Another analyst flagged Solana's high-timeframe chart, where the crypto asset is approaching a critical support zone.
Cold Bold Shiller, another prominent crypto trader, noted that while the market sell-off is significant, it hasn't reached a panic level.
He pointed out that Solana and Sui are at critical "must-hold" levels, adding that Bitcoin's inability to maintain $100,000 is a concern but not a trigger for alarm yet.
While the sell-off is strong, there's no need to panic yet—though failing to hold these levels could signal bigger problems ahead.
Statistics: Coinglass data shows trading volume spiking 94.2% to $12.9 billion.
Total liquidations in the past 24 hours stand at $36.8 million, with $31 million in long liquidations.
DefiLlama reports Solana's total value locked (TVL) is $8.9 billion.
Trading volume on decentralized exchanges $4.8 billion in the last 24 hours, outperforming Ethereum ($2.8 billion) and Base ($1.8 billion).
Community News: Canadian investment firm Sol Strategies (formerly Cypherpunk Holdings) disclosed an amended credit facility agreement granting CAD $25 million ($17.4 million) in an unsecured, revolving credit facility.
The funds will be exclusively used to purchase SOL tokens.
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