Uniswap overtakes Solana to become the 16th largest crypto based on market cap Despite several projects leaving Solana, its NFT space witnessed growth Solana [SOL] continued its downtrend as it lost its position as the 16th largest cryptocurrency in terms of market capitalization to Uniswap [UNI]. SOL registered a decline of more than 17% in […]
, SOL’s price went down by 10% in just the last 24 hours. Furthermore, at the time of writing, it was valued at $9.99 with a market capitalization of more than $3.6 billion.SOL’s on-chain metrics didn’t look optimistic, as most of them suggested a further decline in price over the days to follow. For instance, SOL’s development activity witnessed a sharp decline. This was a red flag because it represented less effort from developers to improve the blockchain.
Negative sentiments around Solana also registered an uptick, which can be attributed to its recent price action.’s price decline was accompanied by a massive surge in its volume. This further legitimized the downtrend. However, SOL’s Binance funding rate remained relatively high, reflecting its popularity and demand in the derivatives market. Another positive signal was revealed by CryptoQuant’s
, as SOL’s Relative Strength Index went into an oversold position, suggesting a possible price hike.
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