Solana (SOL) has dropped by 6.5% in the last 24 hours to reach around $127 on March 17, mirroring losses across the cryptocurrency market.
SOL/USD daily chart. Source: Cointelegraph/TradingView
The top reasons driving the SOL prices lower today include:
Decreasing investor interest in SOL’s decentralized finance (DeFi) ecosystem.
Decreasing open interest and negative funding rates.
Technicals suggest a possible further drop in SOL price.
Solana TVL hits four-month lows
SOL’s price drop today is preceded by a drop in the total value locked (TVL) in its DeFi applications, as per data from DefiLlama.
Key points:
Solana’s TVL has been in a downtrend since mid-January.
This metric fell by 45.5% from $12.1 billion on Jan. 19 to $6.63 billion on March 11.
The TVL now stands at $7 billion on March 17, 41% below the Jan. 19 peak.
Solana total value locked. Source: