Solana Plunges Amid Broad Crypto Selloff and Macro Fears
Solana's price dropped by 3.39% over the last 14 hours due to a broad, regulation- and macro-driven crypto selloff.
The main driver of this decline was not Solana-specific news, but rather US regulatory setbacks and fears of a Federal Reserve rate hike.
Hopes for the US Digital Asset Markets CLARITY Act progressing this year faded as Democrats rejected a Republican draft, coinciding with Bitcoin's drop below $75,000 and Solana slipping towards the $100 level.
The Senate's failure to advance the CLARTY Act without further debate triggered sharp acceleration in liquidations, pushing large-caps lower.