Solana Token Faces Tough Days as Meme Coins Crash
The Solana blockchain is experiencing a important downturn after a rapid rise earlier this year. The native Solana token, SOL, has declined for four consecutive days. It has fallen nearly 18% from its peak in May. This decline mirrors a broader crypto market shift away from risk.
The drop is felt most in Solana’s meme coins. assets like Dogwifhat (WIF), SPX6900 (SPX), and Popcat (POPCAT) have lost billions in value. Their combined market cap fell from over $15 billion to around $10 billion in just days.The sell-off is driven by profit-taking and geopolitical tensions.
- Dogwifhat price fell by 20% in 24 hours.
- SPX6900 (SPX) saw an 18% drop.
- Fartcoin and Pudgy Penguins lost over 20%.
These changes impacted Solana’s decentralized exchange (DEX) ecosystem. Daily volumes dropped to $2.4 billion, less than Ethereum ($2.98 billion) and Binance Smart Chain ($12.1 billion).
The daily SOL price chart shows a sharp drop from $185 on may 23 to $154. It passed below important levels like the 38.2% Fibonacci Retracement and a double-top pattern. Further decline is highly likely, with the next target at $140.An upward move past $185 could hint at a new uptrend.
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