The post Solana Crashes Back To $200, While Traders Jump Ship From BONK to Viral $0.16 Altcoin appeared on BitcoinEthereumNews.com.

Solana (SOL) has experienced a sharp turn today as the crypto market has crashed. The Solana price has fallen to $200 after reaching a new all time high in January.  In less than 7 days, the SOL ecosystem has been rocked with a 19% loss, which has caused traders to sell heavily. The turbulence only compounds as meme coin BONK itself experiences a drop of 12.02% for the day.  Solana Price Decline: A Temporary Correction or the Start of a Downtrend? Among the leading performers in the crypto market over the last year, Solana (SOL) has frequently shown to be one of the strongest performers in the market. Yet, the Solana price reflects a significant decline.  The decline of 8% in the Solana price today alone reflects the broader market trend. Analysts speculate that this decrease is a result of Trump’s tariffs on China, Canada and Mexico. Source: CoinMarketCap Some analysts claim that SOL could rise again and surpass $250 in the next few months, but it is currently too volatile for many traders. Others fear that this is the start of a bearish phase for the market and the Solana price. BONK Suffers as Traders Flee  BONK is a leading meme coin that leverages the SOL network. It had one of the fastest rises, hitting a peak of $0.000059 in November of 2024.  However, BONK has experienced a steep correction, similar to the Solana price decline. BONK has fallen more than 67% from its all-time high to its current price of $0.000019. Source: CoinMarketCap BONK closed 12.02% lower in one day, following the broader market shift. Analysts claim that the approval of the BONK ETF could result in a comeback for its price. In the short term, however, analysts claim that BONK’s price could fall even further. With many…

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Filed under: News - @ February 4, 2025 11:21 am