Ethereum

Solana

Bitcoin

Solana (SOL), one of the <a href="https://news.todayq.com/bonk-steals-spotlight-as-bitcoin-eyes-45k/" target="_blank" rel="noopener noreferrer nofollow">top gainers of 2023</a>, recorded an unexpected 8% decline on Thursday morning. This price action has raised speculation within the crypto community about whether this is a routine price correction or indicative of a more profound market shift. However, Solana price is up by by around 1000% on the year to date basis (YTD). Solana to end 2023 on high? 
After an impressive run in December, Solana is trading at an average price of $104, at the press time. This marks an almost 8% decrease over the past 24 hours. Simultaneously, trading volume has dipped by more than 22%, totaling $4,362,297,095.
Throughout 2023, Solana has been a standout performer, opening the year at $8.14 and achieving a remarkable 956% growth despite this recent pullback. Notably, this surpasses Bitcoin’s (BTC) growth rate of 159% during the same timeframe. While the current downturn has raised concerns, it appears to align with expectations, considering Solana’s exceptional performance, with a growth rate exceeding 92% in the past month alone.
As Todayq reported earlier, the catalyst behind this sell-off remains elusive. However, the market analysts are speculating that profit-taking ahead of the New Year might be contributing to the dip. Against the backdrop of <a href="https://news.todayq.com/solana-records-1030-surge-on-ytd-heres-how/" target="_blank" rel="noopener noreferrer nofollow">Solana price movement</a>, the crypto ecosystem has observed notable strides, with Solana surpassing Ethereum (ETH) in various aspects. This includes NFT performance and decentralized exchange (DEX) trading volume. SOL outperforming ETH? 
Solana has emerged as a leader in DEX volumes, outpacing Ethereum, Binance Smart Chain (BSC), Arbitrum, Polygon, and Avalanche. Notably, its weekly DEX volume of $10.786 billion exceeds Ethereum’s $9.604 billion. In daily volumes, Solana’s $1.447 billion surpasses Ethereum’s $1.282 billion, underscoring its robust performance and growing influence in the DEX market.
Against this backdrop, Bitcoin faces a pivotal event—a $10.1 billion options expiry scheduled for December 29 at 8:00 am ET. The options market, led by Deribit with $7.7 billion in open interest and the Chicago Mercantile Exchange (CME) with $1.38 billion, indicates a tug-of-war between bullish and bearish sentiments.
As the crypto market navigates Solana’s correction and anticipates Bitcoin’s crucial options expiry, market participants are keenly observing these developments to decipher the broader trajectory and sentiment within the cryptocurrency landscape.
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Solana drops by 8%, Is it a price correction or what

Todayq News

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