Solana Turns Meme Market into Dead Sea
Solana's price performance has been awful this week. The asset has dropped by 8% over the last day and 20% over the week.
Live SOL/USD Chart
Solana’s price performance has been awful this week. The asset has dropped by 8% over the last day and 20% over the week.
February saw a severe blow to the meme coin market, with several popular Solana-based tokens seeing a more than 50% decline in value. Once regarded as this cycle’s top performers, these tokens posted significant sell-offs and waning interest. Many tokens are far lower than their peak values because of this collapse.
A lengthy five-wave corrective structure can be seen on the 4-hour chart, which began after SOL hit its highest point in January at $294.50.
The price has been making lower highs and lower lows in a clearly defined descending channel. Wave (v), the last leg of this correction, aligned with the 1.0 Fibonacci extension of the previous corrective wave and reached a critical support zone at $161.8.
A new bullish phase would be confirmed if SOL could break above the descending trendline resistance, at $175. Failing to do so, though, might lead to another rejection and possibly force the price back toward the $160–$165 range for a retest before a last breakout attempt.
In addition, its value has decreased by roughly 40% from its peak in January, and it is currently trading below $170 from early November. Cardano’s native token has also dropped significantly over the last day, dropping more than 6% to less than $0.75.
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