$SOL price of SOL dropped to $112 before recovering to around $114, with a daily loss exceeding 4% and 16% over the week, which is a decline that far exceeds the market average of 6.5%.

On its part, Ripple also released a billion dollars worth of XRP this week, which exacerbated selling pressure on the market as a whole.

With a current trading offer of 514 million, the market is facing significant pressure amid declining network activity following the collapse of the meme coin wave.