The price of Solana has sharply declined, reaching its lowest point since March 2021 due to an overall crypto market drop and falling meme coin values in its ecosystem.
Solana and meme coins price drop
Solana's price dropped to $127, which is 15% below this week's peak. This decline is linked with the crash of several meme coins like Fartcoin, Popcat, ai16z, and Bonk, which lost most of their recent gains. The market capitalization of Solana's meme coins decreased by 10%, losing over $18 billion in value.
Solana DEX volume surge
Amid the general downturn, Solana's decentralized exchange (DEX) volume surged by 60% over the past week, reaching over $3 billion. The largest portion of this volume came from the Pump platform, surpassing other networks like Orca, Meteora, and Raydium. This was the first time in weeks that Solana's volumes outpaced those of Ethereum and BSC.
Solana price technical analysis
Technical analysis shows that Solana's price has fallen from January’s high of $295.45 to $126 over the past months. Bearish signals like a 'bearish flag' and a 'death cross' pattern suggest possible further declines to $100 if the support level at $120 is breached.
Despite the recent decline, Solana is showing an increase in trading volumes on DEXs. However, technical indicators suggest a potential further price drop if the $120 support level is broken.
