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.
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.
| Broker | Review | Regulators | Min Deposit | Website | |
|---|---|---|---|---|---|
| 🥇 |  | Read Review | FCA, CySEC, ASIC, MAS, FSA, EFSA, DFSA, CFTC | USD 100 | Visit Broker |
| 🥈 |  | Read Review | FSCA, FSC, ASIC, CySEC, DFSA | USD 5 | Visit Broker |
| 🥉 |  | Read Review | CySEC, MISA, FSCA | USD 25 | Visit Broker |
| 4 |  | Read Review | ASIC, BaFin, CMA, CySEC, DFSA, FCA, SCB | USD 200 | Visit Broker |
| 5 |  | Read Review | ASIC, FCA, CySEC, SCB | USD 100 | Visit Broker |
| 6 |  | Read Review | FCA, FSCA, FSC, CMA | USD 200 | Visit Broker |
| 7 |  | Read Review | BVI FSC | USD 1 | Visit Broker |
| 8 |  | Read Review | CBCS, CySEC, FCA, FSA, FSC, FSCA, CMA | USD 10 | Visit Broker |
| 9 |  | Read Review | ASIC, CySEC, FSCA, CMA | USD 100 | Visit Broker |
| 10 |  | Read Review | IFSC, FSCA, ASIC, CySEC | USD 1 | Visit Broker |
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.
ABOUT THE AUTHOR
See More
Add 3442
Related Posts
Add 3440
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals
Top Broker