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 <p class="paragraph">Although the last week was exceptionally successful for Solana (SOL), the currently fifth-largest asset in the cryptocurrency sector by market capitalization, it has opened this week on a bearish note, having lost nearly $2 <a rel="noopener noreferrer nofollow" title="billion" href="https://thebittimes.com/tag/billion.html">billion</a> to its market cap in a single day.</p>
 <p class="paragraph">Specifically, Solana’s market cap has dropped over 4% in the last 24 hours, declining from $47.76 <a rel="noopener noreferrer nofollow" title="billion" href="https://thebittimes.com/tag/billion.html">billion</a> to $45.78 <a rel="noopener noreferrer nofollow" title="billion" href="https://thebittimes.com/tag/billion.html">billion</a> during this time, which equals a loss of $1.98 <a rel="noopener noreferrer nofollow" title="billion" href="https://thebittimes.com/tag/billion.html">billion</a>, according to the latest information from the crypto market monitoring platform <em>CoinMarketCap</em> on February 12.</p>
 <figure class="wp-block-image"><img decoding="async" width="930" height="477" src="https://cdn.thebittimes.com/images/2024/02/12/6004142627602a5e3f2c70ff598a19da.webp" alt class="wp-image-154557" srcset="https://cdn.thebittimes.com/images/2024/02/12/6004142627602a5e3f2c70ff598a19da.webp 930w, https://cdn.thebittimes.com/images/2024/02/12/6004142627602a5e3f2c70ff598a19da.webp 300w, https://cdn.thebittimes.com/images/2024/02/12/6004142627602a5e3f2c70ff598a19da.webp 768w" sizes="(max-width: 930px) 100vw, 930px">
  <figcaption class="wp-element-caption"><em>Solana 24-hour market cap chart. Source: </em><em>CoinMarketCap</em>
  </figcaption>
 </figure>
 <h2 class="wp-block-heading" id="h-solana-price-analysis">Solana price analysis</h2>
 <p class="paragraph">At the same time, Solana is currently changing hands at the price of $106.33, which demonstrates a loss of 2.92% in the last 24 hours but nonetheless an increase of 8.38% across the previous seven days in addition to gaining 15.38% over the past month, as per the most recent information.</p>
 <figure class="wp-block-image"><img decoding="async" width="1200" height="800" src="https://cdn.thebittimes.com/images/2024/02/12/75883270c1510d2ffb0746c2ca1ef198.webp" alt class="wp-image-154558" srcset="https://cdn.thebittimes.com/images/2024/02/12/75883270c1510d2ffb0746c2ca1ef198.webp 1200w, https://cdn.thebittimes.com/images/2024/02/12/75883270c1510d2ffb0746c2ca1ef198.webp 300w, https://cdn.thebittimes.com/images/2024/02/12/75883270c1510d2ffb0746c2ca1ef198.webp 1024w, https://cdn.thebittimes.com/images/2024/02/12/75883270c1510d2ffb0746c2ca1ef198.webp 768w" sizes="(max-width: 1200px) 100vw, 1200px">
  <figcaption class="wp-element-caption"><em>Solana 24-hour price chart. Source: </em><em>Finbold</em>
  </figcaption>
 </figure>
 <h2 class="wp-block-heading" id="h-bears-vs-bulls">Bears vs. bulls</h2>
 <p class="paragraph">As a reminder, Solana experienced a major network outage on February 6 in what was the first such incident since February 2023, during which its mainnet beta stopped working and producing blocks, resulting in a two-hour halt in activities, affecting users, investors, and developers.</p>
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 <p class="paragraph">Although this outage failed to pull SOL down at the time, the latest weakening could represent a delayed effect. However, one of the factors that could push its price and market cap back up is the recent 100,000 preorder milestone for Solana’s smartphone that merges blockchain with mobile technology.</p>
 <figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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   <blockquote class="twitter-tweet" data-width="500" data-dnt="true">
    <p lang="en" dir="ltr">100,000 preorders in less than 30 days <br><br>We’re floored by the demand and truly grateful for the overwhelming support<br><br>Now that we’ve hit this milestone, the Founder Window &amp; preorder price of $450 will close in 48 hours. Your chance to join is now!<br><br> https://t.co/nYR9apGGIT pic.twitter.com/9L224igXcL</p>— Solana Mobile (@solanamobile) February 12, 2024
   </blockquote>
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 </figure>
 <p class="paragraph">Additionally, the pseudonymous stock and crypto investor Jelle recently pointed out the similarities between the movements of Solana and Ethereum (ETH) in 2020, hinting at the possibility of a bullish scenario for SOL that would “send it back to $120” as per the explanation shared on February 12.</p>
 <figure class="wp-block-image"><img loading="lazy" decoding="async" width="900" height="514" src="https://cdn.thebittimes.com/images/2024/02/12/f809b3cce90a27f4785c85b522f22503.webp" alt class="wp-image-154556" srcset="https://cdn.thebittimes.com/images/2024/02/12/f809b3cce90a27f4785c85b522f22503.webp 900w, https://cdn.thebittimes.com/images/2024/02/12/f809b3cce90a27f4785c85b522f22503.webp 300w, https://cdn.thebittimes.com/images/2024/02/12/f809b3cce90a27f4785c85b522f22503.webp 768w" sizes="(max-width: 900px) 100vw, 900px">
  <figcaption class="wp-element-caption"><em>Solana vs. Ethereum price action analysis. Source: </em><em>Jelle</em>
  </figcaption>
 </figure>
 <p class="paragraph">Overall, Solana seems to be in a bit of a pickle during the last day, but it does not mean that it may not recover soon, considering that things in this industry can often change on a whim. Hence, keeping a close eye on it and doing one’s own due diligence is important before investing in any crypto asset.</p>
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em> The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.&nbsp;</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/solana-bleeds-2-billion-in-a-day-tbt79600.html">https://thebittimes.com/solana-bleeds-2-billion-in-a-day-tbt79600.html</a></p>

Solana bleeds $2 billion in a day

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