👀 #Solana Prices Have Plunged Over 30% Since Late November
Solana prices have suffered some notable declines recently, falling more than 30% since reaching an all-time high in late November.
SOL, the native token of the high-throughput Solana platform, approached $175.00 on December 20, according to Coinbase data from TradingView.
At this point, the digital currency was down approximately 32% since reaching an all-time high of more than $257.00 on November 22, additional Coinbase figures from TradingView reveal.
Since then, the cryptocurrency has recovered somewhat, but it has been unable to recover most of the ground it lost since late November, trading near $185 at the time of this writing.
Market analysts offered several potential explanations for this weakness in the SOL token, including health consolidation and more serious concerns about declining activity on the token’s native platform.
“Solana has been in a down trend since breaking 2021’s all-time high of $260 with a swing wick high of $263.83 on the weekly Nov 22, 2024,” TikTok influencer who goes by Wendy O emphasized through emailed comments.
“This could be because of Bitcoin’s inability to sustain $100,000 or due to 2024 wrapping up, traders and investors taking profits before 2025 or the markets just cooling down in general as some uncertainty comes Q1 2025 as we expect a new administration,” she stated.
🔸 Uncertain Policy Outlook
The analyst pointed out that while former President Donald Trump’s reelection has bolstered cryptocurrency markets, there are many uncertainties surrounding exactly what will happen when he returns to the Oval Office.
Earlier this month, Trump revealed that he planned to nominate Paul Atkins, who previously served as a commissioner for the U.S. Securities and Exchange Commission, for the government agency’s top post.
Atkins, who currently serves as the CEO of consulting firm Patomak Global Partners LLC, is expected to take a more pro-business approach to regulation than current SEC Chair Gary Gensler.