Solana (SOL) Price Drops Below $160 as Bitcoin (BTC) and Ethereum (ETH) Prices Slump

Over the weekend, Bitcoin price dropped from the high of $99,380 to $95,000 following the high profile ByBit hack of $1.5 billion that shook

Bitcoin price dropped over the weekend from highs of $99,380 to lows around $95,000 following the massive ByBit hack that saw $1.5 billion siphoned out of the exchange. The hack also had a major impact on ETH price, considering all the stolen amounts were in the second-largest cryptocurrency, causing it to shrink from $2,840 to $2,621 within hours on Friday.

Meanwhile, Solana (SOL) price has dropped below $160, reaching lows of $158.1 on major crypto exchanges – down over 7% in the past 24 hours. As other crypto assets are largely downtrading ahead of the weekly opening in the U.S. markets, SOL is still seeing increased selling pressure owing to upcoming unlocks.

Coinciding SOL price, one of the largest DEX on Solana, Raydium’s RAY token has also seen a 30% decrease today. Other altcoins like HYPE, ENA, IP and GALA have also been among the major losers in the past 24 hours.

One of the largest gainers today is S (Sonic), previously known as Fantom, which has surged over 8% today, besides Theta Fuel’s 11% and newly launched KAITO token’s 6% surge.

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As per Coinmarketcap data, the global crypto market has dropped 1.22% today to $3.14 trillion with a 24 hour trading volume of $85 billion.

Also Read: Bybit Gets $1.25B in ETH Tokens to Recover from $1.4B Hack