SOL Records Major Losses, Drops Over 21% of Its Value in August

, the fifth-largest cryptocurrency by market cap, has recorded major losses over the past week. In fact, at press time, the altcoin was trading at $132.11. This, following a 4.02% price drop on the daily charts.

, the fifth-largest cryptocurrency by market cap, has incurred major losses over the past week. At press time, the altcoin was trading at $132.11 following a 4.02% price drop on the daily charts.

During a very volatile August, SOL lost over 21% of its value. SOL’s trading volume and market cap have also been hit hard by the prevailing market conditions. The altcoin’s trading volume, for instance, fell by 52.6% to stand at $1.08 billion. However, analysts noted that SOL might consolidate within a tight range for the next 4-6 weeks. But a breakout will follow this period of consolidation.

This could be a sign that investors are closing their positions without opening new ones. Such sentiment also highlights investors’ lack of confidence in SOL’s price direction. Owing to the same, some might even be looking to sell their holdings to avoid further losses. Moreover, SOL’s long-position liquidations have been high over the past 7 days.

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