Solana Tumbled 7% With The Crypto Market Correction Underway

Solana tumbled 7% with the crypto market correction underway after the remarks from the FED spooked the investors and the rest of the coins dropped on the day so let’s read more in today’s latest altcoin news.

Solana as the 7^th biggest crypto by market cap dropped by 7% over the past 24 hours and the network’s native token is trading at over $115 as per the data pulled from CoinMarketCap. Solana is a smart contract-enabled blockchain network which means it can host NFTs and DEFI projects. It uses a proof-of-stake consensus mechansim to secure the network and instead of needing mining machines, the networks that use PoS are secured by validators that staked the network’s native currency. In terms of adoption, Solana is growing rapidly and for example, it ranks fifth among the networks with the most activity after Avalanche, Binance Smart Chain, Terra, and Ethereum.

Out of the total $223 billion locked in different projects across the ecosystem, Solana commands a market share of 3.55% while Ethereum enjoys more than 54% of the market. Today’s price action was stirred by the market fears that the federal reserve is eyeing even more interest rate hikes as Solana tumbled 7%. The main reason for this is fighting against inflation. The federal reserve governor Lael Brainard said:

“It is of paramount importance to get inflation down. Accordingly, the committee will continue tightening monetary policy methodically through a series of interest-rate increases and by starting to reduce the balance sheet at a rapid pace as soon as our May meeting.”

During the high volatility experienced yesterday, liquidations are common. Given the leveraged crypto speculators, the liquidations often turn into cascades and bring the prices down further than expected.
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The data from CoinGlass reported that $356.47 million is closed in crypto positions. Out of that sum, BTC made up $92.62 million, ETH liquidated $64.96 million and SOL made up $27.04 million over the past day.

As recently reported, Following last week’s official teaser that the support is coming, the NFTs minted on the Solana blockchain network are available to trade on OpenSea which is the biggest NFT market by volume. Opensea is based around Ethereum primarily and now dominates the NFT trading space by a larger margin so now with the addition of Solana, OpenSea accommodates collectibles from the second biggest ecosystem outside of Ethereum.