SOL price trending toward yearly low as Solana TVL drops $870M in three days

Cointelegraph

Published Jun 16, 2022 12:40PM ET

Updated Jun 16, 2022 02:20PM ET

Solana (SOL) tumbled on June 16 amid a broader retreat across the top cryptocurrencies, led by the Federal Reserve's 0.75% interest rate hike a day before.

Notably, SOL/USD plunged nearly 17% to $30 a token, wiping out almost all the gains from the day before. The SOL price volatility liquidated almost $10 million worth of contracts in the past 24 hours across multiple crypto exchanges, data from Coinglass shows.

SOL liquidation record since May 17. Source: Coinglass
SOL/USD four-hour price chart featuring "ascending triangle" pattern. Source: TradingView
Solana TVL performance since April 2021. Source: DeFi Llama

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