The SOL token skilled a 50% worth decline from its January peak worth of $295 attributable to decreased memecoin buying and selling. SOL has skilled its most vital month-to-month decline for the reason that FTX collapse by falling 39% inside the final 30 days.
The surge in Solana was closely influenced by memecoins the place Pump.enjoyable alone created 8.1 million tokens whereas gathering $577 million in charges. The each day buying and selling quantity of Solana reached its peak at $218 million on Feb. 12.
The buying and selling exercise on Solana skilled a dramatic lower of 94% in the course of the interval between Feb. 25 and Feb. 26 the place buying and selling volumes dropped from $89.5 million to $5.03 million. The market sentiment has weakened as most memecoins skilled losses of 80–90% from their peak values.
The DeFi sector on Solana exhibits clear indicators of cooling down. The TVL on DefiLlama exhibits a $5 billion discount since mid-January because the metric dropped from $12 billion to $7.31 billion.
Raydium the principle decentralized change on Solana for memecoins skilled a 50% lower in its complete worth locked (TVL). Prior to now 30 days, greater than $500 million has been bridged to Ethereum, Arbitrum, and Sonic.
The SOL token at the moment trades at $142 after experiencing a 15% lower in a single week. SOL faces resistance on the $140 assist zone as bulls fail to take care of their place which might set off a worth decline towards $125–$130. The value must surpass $150 to begin constructing bullish momentum.
The upcoming March 1 SOL unlock of 11.2 million tokens joins different destructive elements that stress SOL’s worth and scale back the probability of Solana ETF approval. The way forward for SOL is dependent upon when confidence returns to the market.
Additionally Learn: Solana Crash: Will SOL Drop to $100 Soon?
