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SOL sees minor retreat, falls 5.54% over week

Harnessing the Power of Unity03

Despite recent news around Solana’s launch of a new ChatGPT plugin, the SOL token sees a 5.54% decrease in price in the last 7 days.

Looking at the past month, this marks a 14.64% price decrease for the layer-1 blockchain, known for its fast and cheap transactions.

A rough week

At the time of writing, Solana (SOL) was priced at $19.45, accompanied by a 24-hour trading volume of $152.5 million. Over the past 24 hours, SOL has experienced a positive growth of +1.13%. 

However, it currently stands -5.54% below its 7-day all-time high of $20.59 and an incremental increase of 3.18% from its 7-day all-time low of $18.85. With a circulating supply of 396.2 million SOL tokens, Solana still remains in the 10th spot by market capitalization.

SOL sees minor retreat, falls 5.54% over week - 1
SOL to USD Chart | Source: CoinMarketCap

The token is currently sitting 14.64% lower than the previous month. 

A look back on the month

The price decrease of the leading blockchain platform comes following a few major announcements. On May 26, leading cryptocurrency exchange Binance revealed its decision to discontinue Bitcoin (BTC) spot trading with the Australian Dollar (AUD) starting from June 1.

This move comes as Binance also plans to remove spot trading activities for several other prominent cryptocurrencies, including Solana (SOL) paired with AUD.

Just days early, the platform also announced the launch of a new ChatGPT plugin, which would enable users to seamlessly purchase non-fungible tokens (NFTs), transfer tokens, and analyze on-chain data.

The plugin, which is now available for download on Github, shows Solana’s commitment to advancing user-friendly solutions within the blockchain ecosystem.

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