The cryptocurrency market slid again over the past day, with fresh liquidations and broad weakness erasing recent gains.
Key moves and liquidations
- Bitcoin briefly fell to roughly $85,000 as the market corrected, and Coinglass data shows more than $650 million in crypto positions liquidated in the last 24 hours.
- Solana (SOL) joined the sell-off: CoinGecko reports SOL down 3.7% over 24 hours, 4% over the last week, 0.3% on 14-day charts, and 10.3% over the past month. Year-to-date performance is weaker still — SOL has slid 42.7% since December 2024, wiping out much of the gains it posted in 2024.
Solana’s paradox: high mindshare, poor price action
Despite SOL’s disappointing price performance in the back half of 2025, Solana remains the most popular blockchain network by a wide margin, according to CoinGecko’s 2025 mindshare rankings:
1. Solana – 26.79%
2. Base – 13.94%
3. Ethereum – 13.43%
4. Sui – 11.77%
5. BNB Chain – 9.05%
6. XRP Ledger – 4.68%
7. Sonic – 2.29%
8. Cardano – 1.92%
9. Bittensor – 1.91%
10. Hyperliquid – 1.57%
11. TON – 1.23%
(…and others)
Macro headwinds and investor risk appetite
Analysts point to ongoing macroeconomic uncertainty as the main drag. With markets jittery, investors are rotating out of higher-risk assets like SOL and other altcoins. The surge in silver to a fresh all-time high has been read by some participants as a sign of a broader “risk-off” stance.
Policy moves have so far failed to revive crypto demand. The Federal Reserve cut rates by 25 basis points earlier this month — a move that usually supports risk-taking by lowering borrowing costs — but interest-rate reductions since October have not produced a sustained rebound in crypto prices.
Outlook: resilience but a slow road back
Solana still has a track record of resilience: after plunging below $9 in 2022 amid the FTX collapse, SOL staged a notable recovery. That history, along with Solana’s leading mindshare, suggests the token could recover when macro conditions improve. However, the timeline for any sustained rebound is uncertain, and a full recovery may take longer than some investors expect.
Bottom line: Short-term price pressure persists across crypto, but Solana’s network prominence and past comebacks mean it remains a contender for recovery once broader economic and market sentiment turn.
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