Solana Enters Correction Mode as the Year Draws to a Close
Solana faces price correction, down to $105.95, after a 956% yearly rally. The market sees this as a natural adjustment before New Year.
After a brilliant rally this December Solana (SOL) is experiencing a significant price correction, Currently trading at $105.95, down 5.53% in the last 24 hours. The altcoins trading volume also dropped by over 22% to $4.36 billion.
Starting the year at $8.14, Solana saw a massive 956% increase over the year, outperforming Bitcoin's 159% growth. Despite the recent price drop, Investors see the decline as a normal reaction to its rapid growth ( a correction), with traders possibly taking profits ahead of the New Year.
The Solana ecosystem, known for outperforming Ethereum in NFTs and DEX trading volume, is also experiencing a slowdown. This includes Solana-based meme coins cooling off from their rapid price increases. Yet, people believe that Solana will bounce back, given its history of recovering from price falls.
