Solana Price remains in a deep melt, since the fears about her ecosystem continued. On Monday, he crashed to $ 160, continuing the tendency that began at the beginning of this year, when he reached the peak of about $ 280. He has fallen over the past six weeks in a row and now at the lowest level is hovering at the lowest level since December. We will study why Sol Price has plunged and whether a rebound is possible.
Investors of memes are surrendered
Solana Price fights like coins of memes that made him the largest competitor Ethereum. Coingecko data show that the market capitalization of all coins of memes in its ecosystem has fallen from more than $ 25 billion in January to date to 10 billion dollars.
A more attentive look at most of these coins show that they crashed. For example, the price of Trump’s coins with a meme transferred from $ 103 in January to about $ 15 today. Its market capitalization fell from more than $ 14 billion to below $ 2 billion. The scales of the price collapsed during the day after the launch.
The same trend occurred among other memes, such as chubby penguins, Dogwifhat, Fartcoin and CAT in the world of dogs.
The look at the data and transactions during the chain show that most insiders and snipers have already dropped their tokens, panting huge profits.
Consequently, Solana risk that she will lose many of her members who are afraid that these coins of memes are just fraud.
The cost and volume of the salt crashed
There are signs that this trend occurs. DEFI LLAMA data show that SOLANA is no longer the king of the DEX industry, since its weekly volume fell by 36% to $ 16.6 billion. He was overtaken by BSC and Ethereum, which processed more than $ 17 billion and $ 18 billion, respectively.
All SOLANA DEX networks, such as Raydium, Orca and Meteora, saw how their volumes fell when investors panic and sold.
More data show that in the last few weeks of the SOLANA network there have been a malfunction. Its fees on Monday fell to $ 1.1 million, which is the lowest level since September last year and in January is much lower than $ 44 million.
The number of active SOLANA users also dropped sharply to $ 86.5, which is at the lowest level from October 14.
Thus, there is a possibility that Solana Price will continue to cut in the coming weeks, unless her ecosystem of memes leaves.
The potential catalyst will become signs that the securities and exchanges commission (SEC) will approve the point ETF at the end of this year. Such a step will probably increase it, as was done with Litecoin price.
Solana forecast of price
Sol Price Chart on TradingView
The daily diagram shows that the price of SOL has crashed over the past few months. This retreat occurred after the token reached the maximum in the amount of $ 295.28 in January. He formed a double riding scheme in the amount of $ 263 and moved below the neckline at 169 dollars, which was the lowest level of January 13.
The price of Solan fell below 50 days and 200-day sliding medium. With a narrowing of distribution, there is a possibility that ultimately it will draw up a scheme of the death cross, a very bearish sign on the market.
The relative force (RSI) index and MACD indicators were directed down. Consequently, the path of least resistance is down, with the following observation point for $ 109, which is the lowest swing in August last year.
Price Forecast after SOLAN
