Solana's SOL token fell to its lowest price since June as Breakpoint opened in London. About two-thirds of the token's total supply remained staked, but staking does not lock tokens in place.
SOL touched $67.37 on Coinbase during the minute beginning at 8:45 p.m. ET on Saturday, Nov. 14. Coinbase's daily trading history showed June 26 as the last UTC trading day with a price at or below that level.
The token then recovered above $70, and the opening trade in Coinbase's 4 a.m. ET hourly candle on Nov. 15 was $71.05.
SOL falls more than bitcoin and ether
SOL's losses exceeded those of bitcoin and ether over both seven and 28 days, based on matched Coinbase dollar-pair prices. Over the longer window, SOL fell about 32%, compared with roughly 21% for bitcoin and 26% for ether.
Over seven days, SOL dropped 21.67%, against 15.36% for bitcoin and 20.94% for ether. The windows end at 7 p.m. ET Nov. 14, before the overnight low.
The retreat coincided with the opening day of Breakpoint, scheduled for Nov. 15–17 at London's Olympia Convention Centre. However, the timing alone does not establish that the conference caused the selling.
Staked does not mean locked
Solana Compass's tokenomics dashboard showed 429.35 million SOL staked, or 67.3% of total supply, which it listed at about 637.62 million SOL. That snapshot does not show whether participation stayed unchanged during the selloff or whether individual holders sold.
Staking delegates SOL to validators that help operate the blockchain, allowing holders to earn rewards. It differs from a contractual lockup, because Solana Compass says most staked SOL is unlocked.
Withdrawing delegated tokens normally involves a deactivation period of up to one epoch, currently about a day. Network-wide limits on stake activation and deactivation can extend that wait across later epochs, according to the dashboard.
Source: The Defiant
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