Solana was among the worst cryptocurrencies over the past 24 hours, as it decreased by 10 % to $ 162. The decline continues as the network faces low activity and increased homosexuality. Here are the four main reasons behind the low Solana prices today.
Solana link in prominent rug fraud operations
One of the main reasons behind Solana’s weak performance is his mention of prominent rug fraud. Reports have emerged to link the Solana portfolio with multiple fraudulent projects, including the scale (scale) and Melania (Melania), both of which have relations with political figures.
These projects made enormous profits through tired tactics before their disappearance, leaving investors confused. For this reason, people lose confidence in Solana.
A sharp decrease in network activity
Another worker relates to the fall of Solana’s activity on the chain. The number of users on the Solana network He decreased from 18.5 million In November to 8.4 million, it decreases by 55 %.
Also, the total money transferred to Solana decreased from two billion dollars to $ 26 million. With fewer people who use it, the Solana price is struggling.
The next distinctive symbol opened
Investors are also preparing for a significant increase in the offer in the coming months. More than 15 million Sol icons, whose value is more than $ 7 billion, will be opened between February and April.
This increase in the circulating offer can create more sale pressure, which weakens the price of Solana. The market analysts advised caution, because the opening event may bring additional fluctuations.
Nidal Solana against Bitcoin and Ethereum
Solana also shows weakness against major cryptocurrencies like Bitcoin and Ethereum. Since early February, the Sol/ETH trading pair has decreased by 28 %, indicating that ETHEREM is gaining strength on Solana.
Moreover, data from Lookonchain offers This is worth 772 million dollars from Stablecoins has emerged from the ecosystem of Solana in just one week, indicating a decrease in confidence between investors.
Until the network confidence is restored and trading sizes are captured, Sol may continue to face the downward pressure.
