Share this article
Solana Slides 17% to Lead Losses Amid Crypto Market Plunge
The crypto market extended declines on Monday after a drop in U.S. stock indices.
Updated May 11, 2023, 4:46 p.m. Published Jan 24, 2022, 12:53 p.m.
Major cryptocurrencies fell as much as 17% in 24 hours as the crypto market followed a broader decline in U.S. stock index futures on Monday. Bitcoin, the world’s largest cryptocurrency by market capitalization, fell to under $33,700 at the time of writing after trading above $34,000 in Asian morning hours.
Solana's SOL token was down 17%, changing hands at $84.17, data from analytics tool CoinGecko showed. SOL was among the top performers in 2021, rising from $3 at the start of last year to over $259 in November. It's down 67% from its all-time high, and 42% lower than last Monday.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Similar losses were seen on ether and the tokens of , and Binance Coin , which fell nearly 10% each in the past 24 hours. DOGE, the token of Dogecoin, fell 7% in the same period, among the smallest declines of the top 10 cryptocurrencies by market capitalization.
Monday’s drop caused a plunge in the broader crypto market and over $240 million in liquidations since Asian morning hours, data from analytics tool Coinglass showed. Liquidations refer to the forced closure of long or short positions by exchanges due to margin shortage. These lead to exaggerated price moves, as has been seen several times over the past 12 months.
Liquidations on bitcoin futures, which reached their lowest price levels since July 24, exceeded $63 million at the time of writing. This was exceeded by ether futures, with over $64 million in liquidation losses. Losses on altcoin futures were smaller, with SOL futures seeing $5 million in liquidations and XRP futures just $2.15 million.
Nearly 81% of all traders were long, or betting on higher prices, as some technical indicators suggested bitcoin was oversold and a price rally could be expected.
Meanwhile, some analysts said the market could see a further drop.
“Alarmingly, the sharp reversal on Friday was not followed by any meaningful bounce," said Alex Kuptsikevich, senior financial analyst at FxPro, in an email to CoinDesk. "Some observers point out that this is a worrying signal, suggesting further market declines, as we have not seen a final capitulation. Without capitulation, the markets will remain with an overhang of sellers.”
“Events are developing in a bearish scenario, so far broadly repeating what we saw in 2018 in terms of overall sentiment,” Kuptsikevich said.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Crypto Markets Today: Bitcoin, ether extend pullback amid thin liquidity, macro jitters
Bitcoin and ether extended losses alongside weak equities, while oversold signals offered a tentative glimmer of hope for battered altcoins.
What to know:
- Bitcoin fell 4% to $86,100, ether slid 6.7% to below $3,000.
- Crypto is tracking equities lower as concerns the AI bubble may collapse and weak U.S. jobs expectations hit the Nasdaq.
- Tokens like XRP, SOL and ADA are nearing key support levels, raising the chances of a short-term bounce.
Top Stories
