Solana Is a Volatile Crypto, Falls 5.16% Today

Written by: Timothy St. John • Friday, July 16, 2021 • 2 min read

• Last updated: Friday, July 16, 2021

Selling at $27.88 (SOL/USD) as of this writing, Solana is seeing some of the biggest movement over the last week compared to other major cryptocurrencies. It started the day at $29.22, and it could easily end up far from there by the end of the day.

SOL/USD

While most cryptocurrencies have been on a steady decline for the last few weeks, Solana has shown notably volatile behavior. This has been particularly true the last week, where it is moved wildly from $27.11 to $31.33. There’s been plenty of action in this period for day traders to make a tidy profit.

Solana might not get some of the press that many of the other cryptocurrencies enjoy, but it’s ranked #14 overall. In the last year, Solana has seen a low of $0.80 and a high of $58.30. The digital asset has fallen considerably from its all-time high earlier in the year, but that’s a similar story for most cryptocurrencies.

What makes Solana stand out is how erratic it has been. If you look at the three-month chart for most of the major cryptocurrencies, as well as many of the minor ones, you’ll see a primarily downward trend with very little bullish behavior. That’s not true of Solana. It’s proven more interesting than a lot of its counterparts because of its more even overall trend for the last few months.

While most of the cryptocurrency market has been plummeting, Solana has managed to keep a fairly steady rate overall. It certainly had its bullish and bearish moments in that three-month period, but it’s sitting today at practically the same spot it was at three months ago, around the $27.00 USD mark.

Compare that to Bitcoin, which has experienced a huge drop off since March. In fact, Bitcoin has been hit harder than most cryptocurrencies over that period. On March 16, Bitcoin was trading at $56,639 (BTC/USD). Today, it is at $31,783, a drop of 44%.

Dogecoin has been an outlier, going from $0.05 to $0.19 in that time, but a lot of the crypto market has followed a similar trend to Bitcoin. Solona has proven to be one of the outliers, and even if it doesn’t break out in a big way soon, it is still a good option for interested day traders.

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ABOUT THE AUTHOR See More

Timothy St. John

Financial Writer - European & US Desks

Timothy St John is a seasoned financial analyst and writer, catering to the dynamic landscapes of the US and European markets. Boasting over a decade of extensive freelance writing experience, he has made significant contributions to reputable platforms such as Yahoo!Finance, business.com: Expert Business Advice, Tips, and Resources - Business.com, and numerous others. Timothy's expertise lies in in-depth research and comprehensive coverage of stock and cryptocurrency movements, coupled with a keen understanding of the economic factors influencing currency dynamics. Timothy majored in English at East Tennessee State University, and you can find him on LinkedIn.