Crypto Markets Steady, Solana Drops 14% After Memecoin Debacle 

nabd-alhadath –  Ahmed Bin Abdulqader

 Crypto markets have remained steady with no significant movement, as the total market capitalization holds around the $3.08 trillion mark. 

According to Simon Peters, Crypto Analyst at eToro, Bitcoin continues to hold firm, trading between $95,000 and $98,000, while most altcoins are also experiencing minimal fluctuations in a relatively quiet market. 

Solana emerged as the worst performer among top cryptocurrencies by market capitalization last week, dropping 14% and falling below its recent $170 support level. This decline was driven by factors such as upcoming SOL token unlocks and the fallout from the failed LIBRA memecoin launch. However, Simon Peters noted that with Solana’s current price still 85% below its all-time high of $295, some investors might see this as a ‘buy the dip’ opportunity for future growth. 

Looking ahead, the market is anticipating U.S. inflation data, with the Personal Consumption Expenditures (PCE) report set to release on Friday. A lower-than-expected reading could provide a short-term lift to crypto prices, while a higher figure could weigh on sentiment. 

Today, HederaCon 2025 is taking place in Denver, Colorado. As Hedera’s first major user conference since 2018, any significant announcements from the event could trigger volatility in HBAR prices. 

Meanwhile, Ethereum’s ‘Pectra’ upgrade is scheduled to go live on the Holesky testnet later today. Despite Ethereum’s lagging price performance in recent months, renewed investor confidence tied to this network upgrade may spark movement in the native crypto asset.