The recent surge in Solana's price experienced a significant drawback after touching close to $200, resulting in a drop of nearly 15%. The increased demand for Solana-based memecoins led to a surge in transactions but overwhelmed the network, causing a high rate of failed transactions, surpassing 70% according to data from Dune Analytics.

The decrease in successful transaction rates, now at 25%, has caused concern among market participants. The overall bearish market conditions may further impact SOL price, which has already fallen below $175 and could continue on a descending trend if support at $174 is not maintained.

On the daily chart, the technical indicators do not favour the bulls, with the DMI signaling bearish trends and the ADX indicating a weakening rally strength. Without a rebound, SOL price may drop to $141 in the upcoming weekly trade, potentially influencing the token's value post Bitcoin halving.