SOL - Solana Sinks 8% Today as Bears Maul the Crypto Project
Like other top cryptocurrencies , Solana (CRYPTO: SOL) has seen some significant selling pressure Tuesday. As of 12:50 p.m. ET, the proof-of-stake project's tokens had sunk by 8.4% over the previous 24 hours. That positioned Solana as the second-worst performer among the top 10 tokens by market cap, just behind Ethereum (CRYPTO: ETH) , which had declined by 9.5%.
Macro factors are certainly among the drivers of Solana's decline. Most major tokens are down substantially Tuesday as investors consider the risks associated with this week's Fed rate hike decision, among other factors.
However, Solana has been grabbing the attention of prominent crypto proponents, who have cited a rather compelling bear case for it. Among the most ardently bearish individuals on Solana of late is Justin Bons, founder and chief investment officer of the crypto venture capital fund Cyber Capital. Bons is well-respected in this space, and his opinion carries weight with many who follow him on social media.
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Solana Sinks 8% Today as Bears Maul the Crypto Project