Solana and Cardano are so far leading Wednesday altcoin losses, dropping 5.6% and 5.5%, respectively, in the past 24 hours, according to CoinGecko data.
The entire crypto market is down 4.3% overall, with the Bitcoin price outperforming rivals with a comparatively modest 2.2% fall in the past 24 hours. Other altcoins also performed relatively poorly, with Avalanche falling 5.8% and Chainlink down 3.7%.
SOL is up 17.5% over the past week to $125.32, but down 2.8% month-over-month. It's now down almost 50% from its recent peak of $262.56 on Jan. 19, amid scandals impacting Solana-based meme coins like Official Trump (TRUMP) and LIBRA.
Charles Hoskinson-led Cardano, meanwhile, is down 5.6% this week to $0.6031 and 16.5% month-over-month.
And the Ethereum price has remained broadly in line with the rest of the market, falling 4.4% to $1,571.61.
Solana ecosystem picks up small wins
Solana’s recent losses come despite some bullish signals emerging over the past few days.
Earlier today, Canadian regulators reportedly approved spot-traded Solana ETFs, according to Bloomberg ETF analyst Eric Balchunas, with the new investment products launching in Canadian markets this week. Though many financial institutions, such as VanEck, 21Shares, and BitWise have reportedly filed applications, no Solana ETF has received approval in the U.S. yet.
Some businesses have also been placing large orders for SOL. Real estate financing platform Janover purchased roughly $10 million worth of Solana, acquiring 80,567 tokens and continuing its strategy of stockpiling the altcoin.
Meanwhile, a source familiar with the matter told Decrypt that a Washington, D.C.-based lobbying organization dedicated to Solana, the Solana Policy Institute, will benefit from a soon-to-be-announced funding round. The organization, led by outgoing Blockchain Association CEO Kristin Smith, was announced in March.
Edited by Stacy Elliott.