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:

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