Solana Slips Under Macro Pressure Amid Network Upgrades
Solana's price slipped on Tuesday as macro headwinds put pressure on risk assets. The network, however, is rolling out significant infrastructure upgrades that developers and institutions believe could strengthen its long-term fundamentals.
Despite the decline, trading volume rose 13.98% day over day to about $1.98 billion. This indicates both forced liquidations and opportunistic dip buying during the selloff.
The pullback is largely attributed to changing macro conditions, particularly rising U.S. Treasury yields and a firmer dollar, which have tightened financial conditions and weighed on speculative positioning across crypto.
Analysts say Solana's exposure to leverage amplified the move, with long liquidations accelerating once key support levels broke. ETF flows also added to the near-term pressure, as spot Solana ETFs in the U.S. recorded around $8.6 million in net outflows recently.