Solana Dips 5% After Record-Setting Week, Surpassing $60

Solana (SOL) saw a price surge last week but has since cooled off, down nearly 5% over the last 24 hours and trading around $55.
Bitcoin, the largest cryptocurrency, and Ethereum, the second-largest crypto, have held relatively steady over the past week, trading around $36,800 and $2,090 respectively.
Altcoins like Filecoin (FIL), Polygon (MATIC), and Cosmos (ATOM) are booming, with significant price gains over 24 hours due to factors like upcoming events and improved blockchain interoperability.

Solana, one of the top cryptocurrencies by market capitalization, saw its price surge last week but has since cooled off. Meanwhile, Bitcoin and Ethereum, the two largest cryptocurrencies, have held relatively steady. A handful of alternative cryptocurrencies, or altcoins, are booming in price.

🚨 NEWS: Solana $SOL is nearing its first 3x consecutive daily loss in over a month.

Solana maintains a +33% gain over the last week, nonetheless.

Is Solana finally starting to cool down? pic.twitter.com/5CgroFvNIE
— BlockNews.com (@blocknewsdotcom) November 13, 2023

Solana’s Price Rally Cools After Last Week’s Surge

Solana (SOL) is down nearly 5% over the last 24 hours, trading around $55. The Ethereum competitor saw its price spike last week, rising above $50 for the first time since May 2022. Experts attributed the rally to factors like a short squeeze and renewed institutional interest. Despite cooling today, Solana remains up almost 40% over the past 7 days.

Bitcoin and Ethereum Hold Steady

Bitcoin, the largest cryptocurrency, is down 1% today but trading around $36,800. Ethereum, the second-largest crypto, is up nearly 2% and trading above $2,090. Last week, Ethereum surpassed $2,000 after BlackRock filed to list an Ethereum exchange-traded fund.

Altcoins Like Filecoin, Polygon, and Cosmos Surge

Several of Solana’s altcoin competitors are seeing significant gains today. Filecoin’s FIL token leads with nearly 10% growth over 24 hours, trading around $533. Protocol Labs, the company behind Filecoin, is hosting an event this week which may be driving interest.

Polygon’s MATIC token has also jumped over 6% and is trading around $0.88. Cosmos’ ATOM token, which aims to improve blockchain interoperability, has surged more than 9% to around $990.

Conclusion

After an impressive run-up last week, Solana has stagnated along with Bitcoin. Meanwhile, top altcoins like Filecoin, Polygon, and Cosmos are rallying. The crypto market remains volatile but continues to see renewed institutional interest.

Disclaimer: BlockNews provides independent reporting on crypto, blockchain, and digital finance. All content is for informational purposes only and does not constitute financial advice. Readers should do their own research before making investment decisions. Some articles may use AI tools to assist in drafting, but every piece is reviewed and edited by our editorial team of experienced crypto writers and analysts before publication.