Solana Price Plummets Below $90 Amidst Oil Price Surge

Solana's price fell significantly in the past 24 hours, dropping to $86.12 after breaking below the crucial $90 support level. The decline was largely driven by inflation fears triggered by oil prices surpassing $93 per barrel, which sent risk assets plummeting across the board.

Bitcoin's price also dropped by 3.32% in the same period, and as a high-beta asset, Solana absorbed a steeper decline. However, despite this bearish performance, Solana's on-chain picture remains strong, with the chain processing a significant portion of global crypto transactions.