Solana Risks Further Drop – Is The SOL ‘Memecoin Fiesta’ Over?
The post Solana Risks Further Drop – Is The SOL ‘Memecoin Fiesta’ Over? appeared on BitcoinEthereumNews.com.
Este artículo también está disponible en español. Solana (SOL) recently lost its key support zone amid the controversial Libra (LIBRA) token launch and crash. The cryptocurrency has dropped over 12% in the last three days and some analysts suggest it risks a deeper correction to monthly lows. Related Reading LIBRA Token Crashes Solana’s Party The Solana network has been the talk of the town this cycle due to the memecoin frenzy, as it has been the go-to chain for these projects. The cryptocurrency has also been one of the leading tokens over the last year, outperforming most altcoins in 2024. Since 2025 started, SOL has shown strength despite the repeated market retraces, holding above key levels, quickly bouncing back, and even hitting its latest all-time high (ATH) of $295 nearly a month ago. Nonetheless, the most recent controversial launch of a Solana-based token has sent SOL’s price into a three-day pullback. Solana’s performance in the three-day chart. Source: SOLUSDT on TradingView On Friday, the Viva La Libertad project was announced alongside the Libra token, receiving the endorsement of Argentina’s President Javier Milei. The project aimed to “encourage Argentina’s economic growth by funding small businesses and startups” and surged to a $4.5 billion market capitalization following the president’s X post. However, it crashed 94% after the team wallets and insiders sold over $100 million worth of LIBRA at the token’s peak, resulting in President Milei’s distancing from the project. After the Libra crash, market sentiment shifted, with some community members expressing exhaustion from the numerous memecoin scams launched in the Solana network during the cycle. As a result, SOL’s price dropped to $190 and hovered within this range until Sunday. As more details of the Libra project came out, Solana dropped another 7.8% to the $180 support zone, sending the price…
Filed under: News - @ February 18, 2025 8:25 am