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Solana's Sharp Price Drop: End or Just a Temporary Breather?

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by Giorgi Kostiuk

20 hours ago

Solana's price has dropped dramatically by 12.3% in a week, sparking discussions among traders. Analysts suggest this decline is temporary.

Solana Price Volatility

Solana peaked at $290 before plummeting to $170. This fall is linked to the $TRUMP token launch which caused short-term speculation. The overall crypto market cap has also been declining since December 2024.

FUD Pressure on Solana

The launch of the $LIBRA token and rumors of insider trading on Solana platforms have increased investor uncertainty. These factors pressure Solana's price.

Meme Coin Market Development

Meme coins account for a significant portion of Solana's trading volume. Though volumes have slightly decreased, they remain above December 2024 levels. Technically, Solana is in a descending triangle, facing challenges.

Despite the price drop, Solana's metrics suggest it’s just a temporary pause rather than an end. However, the road to recovery may be challenging.

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