Solana’s Price Dips as Its Ecosystem Faces Challenges
The value of Solana has dropped, showing troubles in its universe. Meme coins, DeFi actions, and stablecoins are all under pressure, hurting this once-promising blockchain.
Since May, Solana’s price has fallen by more than 25%. This fall means the blockchain has lost over $22 billion. The price hit $140, the lowest since April 22. The market cap fell from $96 billion to $74 billion.
This drop coincides with the decline of Solana meme coins. These coins have lost billions. CoinGecko data shows the meme coins’ market cap dropped from over $30 billion in January to $15 billion in May.
In the last week, most Solana meme coins fell by double digits. As a notable example, fartcoin (FARTCOIN) dropped 25%, and Popcat (POPCAT) and Gigachad (GIGA) fell by over 20%.
These losses affect Solana’s entire ecosystem.DeFi Llama data shows that Solana’s decentralized exchange transaction volume fell from $97 billion in May to $46 billion in June.
Stablecoins on Solana also declined. Artemis data shows that stablecoin transaction volume dropped by 68% in the last 30 days. The number of transactions fell by 37%, and addresses dropped by 20%.
Despite this, there’s hope. A bullish flag pattern on the daily chart suggests a potential bounce. If the price surpasses the 100-day moving average at $156, it may confirm a rally.
