With 5 % declines, Solana, Cardano, and Avalanche lead the crypto market loses.

According to CoinGecko data, Solana and Cardano are currently causing the most losses for Wednesday altcoin, dropping 5.6 % and 5.5 %, respectively, in the last 24 hours.

Overall, the overall crypto market is down 4.3 %, with Bitcoin price outperforming its closest competitors ‘ 2.2 % decline over the past 24 hours. Other altcoins performed surprisingly poorly, with Chainlink and Avalanche losing 3.7 % and Avalanche losing 3.8 %.

SOL is up 17.5 % over the past week to$ 125.32, but down 2.8 % month-over-month. Due to scandals affecting Solana-based meme coins like Official Trump ( TRUMP ) and LIBRA, it is now down almost 50 % from its recent peak of$ 262.56 on January 19.

Charles Hoskinson-led Cardano, meanwhile, is down 5.6 % this week to$ 0.6031 and 16.5 % month-over-month.

And the Ethereum rate has remained roughly in line with the rest of the market, falling 4.4 % to$ 1,571.61.

Small wins for the Solana ecology

Despite some bearish signs that have emerged recently, Solana’s new losses are recent.

According to Bloomberg ETF scientist Eric Balchunas, American regulators officially approved spot-traded Solana ETFs before now, with the innovative investment products launching in American markets this week. Although numerous economic institutions, including VanEck, 21Shares, and BitWise, have reportedly submitted uses, no Solana ETF has yet been approved in the United States.

Some companies have also placed sizable requests for SOL. Janover, a company that also owns 80, 567 currencies, and continues to stockpile the cryptocurrency, purchased about$ 10 million worth of Solana from real estate financing company Janover.

A source with knowledge of the situation also informed Decrypt that the Solana Policy Institute, a lobbying group based in Washington, D.C., may receive funding soon. The firm, led by retiring Blockchain Association CEO Kristin Smith, was unveiled in March.

edited by Stacy Elliott.