- Solana dropped 4% in 24 hours as most cryptocurrencies shed latest beneficial properties.
- Bitcoin additionally dropped amid information that rogue brokers had leaked private information of Coinbase customers.
- Whereas the token is down 42% from its January highs, it has lately climbed from lows of $123.
Solana dropped 4% over the previous 24 hours on Thursday, giving again a part of its latest rally.
The token fell from a excessive of $178 to round $167 as broader cryptocurrency markets tracked Wall Road’s pullback.
The decline coincided with the Dow Jones Industrial Common buying and selling decrease and the S&P 500 wanting set to snap a three-day profitable streak.
Why is the Solana price down?
Solana prolonged its decline as Bitcoin additionally retreated, with the broader crypto market underneath stress following stories of a safety breach at Coinbase.
In keeping with CEO Brian Armstrong, hackers exploited the trade’s techniques and are demanding $20 million in Bitcoin to keep away from releasing the compromised information.
The incident concerned cyber criminals who reportedly bribed and recruited rogue abroad assist brokers.
Coinbase says the insiders pulled private information that it estimates may influence lower than 1% of the trade’s month-to-month tracked customers.
Whereas the theft is a risk, Coinbase maintained there was no publicity of passwords, personal keys, or funds for different customers.
Whereas it plans to reimburse impacted clients, it’s not paying the ransom and is able to have interaction legislation enforcement.
“We will pursue the harshest penalties possible and will not pay the $20 million ransom demand we received. Instead, we are establishing a $20 million reward fund for information leading to the arrest and conviction of the criminals responsible for this attack,” Coinbase wrote in an replace.
Can SOL bounce to $300?
SOL reached highs of $294 in January 2025, using the general crypto momentum that adopted President Donald Trump’s election.
Whereas the token is down 42% because it lately climbed from lows of $123. Bulls managed highs of $182 on Could 14, earlier than immediately’s dip.
Whether or not consumers can reclaim this transfer stays to be seen. Nonetheless, analysts at Glassnode observe key metrics are in favour of bulls.
“After a few months of realized cap outflows, $SOL is showing signs of a trend reversal. Its 30-day capital inflows are now back in positive territory, growing at ~4–5%, on par with $XRP. This points to a renewed demand returning to the #Solana ecosystem,” Glassnode famous.
After a couple of months of realized cap outflows, $SOL is displaying indicators of a pattern reversal. Its 30-day capital inflows at the moment are again in constructive territory – rising at ~4–5%, on par with $XRP. This factors to a renewed demand returning to the #Solana ecosystem. pic.twitter.com/3FZcykWSzh
— glassnode (@glassnode) Could 15, 2025
The downturn in Solana and different altcoins comes amid a stall in Bitcoin’s dominance, which peaked at 64.4% on Could 8.
Knowledge from Glassnode reveals Ethereum’s dominance has edged up 3% to 9.75%, whereas altcoins collectively gained 2% to 22.35%.
Regardless of this rebound, altcoin dominance stays under latest highs, underscoring that the market continues to be largely in a “BTC-driven cycle,” as analysts describe it.
On this atmosphere, Solana and different high-beta property may proceed to lag within the close to time period as capital stays concentrated in Bitcoin.