Solana lost $ 34 million in capitalization in a month

Analysts of the cryptocurrency market note: Solana SOL $156.43 Solana -0.38% Market capitalization $73.36 billion VOL. 24 hours $0.25 billion , one of the most popular cryptocurrencies in recent months, is now facing a noticeable slowdown in its growth. The end of the third quarter was marked by a significant outflow of funds from the wallets of large investors. In turn, this led to a weakening of the positive trend for SOL. The technical indicator Average Directional Index (ADX) fell below 25, indicating a complete loss of upward momentum.

Institutional investors who had previously actively supported Solana have also lost interest in the asset. According to a report by CoinShares, in the week ending August 24, SOL saw inflows of only $ 100 thousand, the lowest among all cryptocurrencies. The total outflow of funds since the beginning of the month has reached $ 34 million.

Further strengthening of this trend may negatively affect the development of Solana, crypto experts believe. Despite the recent 24% rise in price in 20 days, there are serious obstacles that could prevent further growth of the token. If SOL fails to gain a foothold above the $ 175 level, the altcoin may continue to consolidate or even fall below this level.