Solana has plunged 9% in the past 24 hours. This crypto market crash comes after most assets rose yesterday in the mid-week, trying to consolidate the short-term Bitcoin halving momentum.

Solana, a favorite token among institutional investors due to inflows, followed the market trend and fell despite some positive signals for the asset. The large daily outflows brought the weekly high down to 6.1%. Prior to this, Solana had outperformed other crypto assets after the massive liquidations that occurred two weeks ago.

Sol’s monthly position is down 25.96%, although bulls are eyeing long-term positions if macroeconomic factors reverse and sentiment changes. At press time, SOL is trading at $144.54 with a market cap of $64.6 billion.

A key indicator of Solana’s bullish outlook, according to most commentators, is the 30% increase in daily trading volume due to increased on-chain activity.

Solana’s decline has multiple reasons, ranging from macroeconomic factors to overall market performance. 🐳qun🚀楂👀玮:417072555 Crypto markets plunged 4.84% in the past 24 hours, affected by the decline of top assets.  

Macro factors such as US President Joe Biden's proposal for a 44.6% capital gains tax have affected investor sentiment today. Other ongoing concerns such as interest rate cuts and consumer data have triggered traders' direction.  Lower inflows into spot Bitcoin ETFs have led to a slump in the cryptocurrency market in the past 24 hours. Last week, outflows from crypto institutional products showed signs of slowing growth. These figures mean that the products have seen outflows for the second consecutive week.  

Bitcoin (BTC) fell 4% today, while Ethereum (ETH) fell 4.71% in the same period. As seen in the case of most assets and meme coins, this decline wiped out previous gains. Ripple (XRP), Cardano (ADA), and Avalanche (AVAX) have fallen 4.4%, 5.59%, and 10.32% respectively in the past 24 hours, while Toncoin (TON) and Chainlink are down 9.14% and 6.06% today. The memecoin ecosystem has also contributed to the decline in the cryptocurrency market cap, with tokens seeing small losses. #ETH #BTC #BNB #Solana⁩ #PEPE✈️