Solana Price Analysis: Will Bears Keep SOL Trapped Below $200?
The post Solana Price Analysis: Will Bears Keep SOL Trapped Below $200? appeared on BitcoinEthereumNews.com.
SOL has dropped nearly 17% from its recent highs, struggling below $200 due to declining trading volume, memecoin scandals. If SOL fails to hold above $180, a drop below $170 is likely, while a breakout above $186 could signal a short-term recovery. Solana (SOL) remains under bearish pressure, currently trading around $184, struggling to hold above key support levels. The token has experienced a sharp decline of nearly 17% from its recent monthly highs above $220. A combination of ecosystem controversies, decreasing trading volumes, and an impending token unlock contribute to the token’s bearish sentiment. With the possibility of a further plunge below $170, investors and traders remain on edge about the near-term outlook for SOL. Memecoin Scandals and Market Sentiment Impact SOL’s Price The Solana ecosystem has been hit by concerns surrounding memecoins like LIBRA, Pumpfun, and Meteora. LIBRA, endorsed by Argentina’s President Javier Milei, surged and then collapsed, while Meteora and Pumpfun faced criticism for exploiting traders. These have been tagged in scam scandals, which erode confidence among investors and its community. As a result, Solana’s ecosystem has seen a decline in investor confidence, impacting its total value locked (TVL) and trading volume. The exact figures remain fluid amid ongoing volatility, approx TVL drops from its peak of over $12 billion to $8.9 billion. Crypto Analyst Don Alt in a tweet explained how scam projects contributed to Solana’s recent fall. The big lesson from this cycle for L1s is that you wanna attract users like SOL did But you somehow want to prevent them from getting scammed to not tarnish your reputation SOL went from beloved to hated quickly only because everyone on the chain lost all their money to scams — DonAlt (@CryptoDonAlt) February 16, 2025 Despite the decline in trading volume, the number of transactions on…
Filed under: News - @ February 17, 2025 4:28 pm