This week, the cryptocurrency market has experienced mostly negative performance, with several major cryptocurrencies seeing significant declines in their prices. The market’s overall decline can be attributed to various factors, including large outflows from Bitcoin exchange-traded funds (ETFs), concerns about potential tightening of monetary policy by the Federal Reserve, overbought conditions leading to corrections, and long liquidations in the derivatives market. However, amidst the negative sentiment, Solana (SOL) emerged as a standout performer, surging approximately 19.15% over the week, likely fueled by increased network activity, rising daily fees, growing trading volumes, and positive market sentiment from analysts. Despite the dip, investors stay bullish with the Fear and Greed Index at 74, showing a prevailing greed sentiment.
