Assessing if Solana holders are struggling to stay profitable
Bitcoin [BTC] is not the only cryptocurrency that has taken a hit in the past few days. Altcoin, Solana [SOL] too hopped on the same bandwagon of plummeting prices.
Down by a massive 20% in the last seven days, the price of SOL stood at $34.96, on 23 August, at the time of writing.
Although the price surged by a minor of 0.32% in the last 24 hours of 23 August, things still seemed stormy for the altcoin.
Solana has not just been hit in terms of price, but the altcoin’s trading volume too has suffered in the last three months.
In fact, the token’s market cap has gone down from $16.48 billion to $12.36 billion in the span of three months.
Source: CoinMarketCap
Many speculators believe that this is just the start of Solana’s downfall.
Consider this- an Ethereum maximalist Evan Van Ness on Twitter made a comment about how it will go back to its intrinsic value which is zero.
<p lang=«en» dir=«ltr» xml:lang=«en»>Back to the intrinsic value of zero?— Evan Van Ness
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