Solana’s Price plunge: Meme Coins and Market Trends
Solana’s price has been on a downward spiral for two days. Teh cryptocurrency fell to $127 on Saturday,marking a 15% drop from its recent peak. This decline is the lowest since March 2021.
The fall coincides with a broader sell-off in the crypto market, particularly affecting Solana’s meme coin ecosystem. Fartcoin, Popcat, ai16z, and Bonk all saw important losses, erasing earlier gains. The market cap of these meme coins dropped by over 10% to $7.2 billion, losing $18 billion in value.
Despite the downturn, Solana’s decentralized exchange (DEX) volume surged by 60% in the past week, reaching over $3 billion. This outperformed Ethereum and Binance Smart Chain. Pump, a Solana DEX, handled $2.8 billion in transactions, surpassing other networks like Orca and Meteora.
There’s some good news too. Blackrock, the world’s largest asset manager, expanded its BUIDL money market fund to Solana. This fund now holds over $1.86 billion in assets.
Technically, Solana’s price chart shows a bearish flag pattern and a death cross. These signals suggest a potential drop to $100 if it breaks below the $120 support level.
