Solana price decreased around 5 % today, after losing the decisive support level of $ 190. A decrease in the price occurred due to various factors, including a decrease in the Solana network activity, which represents a declining coding view.
Why the Solana price decreases
Coinmarketcap data He explains that the price of Solana decreased about 5 % today and is at risk of decrease to less than $ 180. The encryption analyst Ali Martinez has revealed a possible reason for this price decrease in the X -Publishing.
This indicates that some Solana whales have been emptied of coins, which contributes to the low prices of Solana. As said Coingepe, Meme Coin Launcad Pump.fun has canceled 148,759 Sol downloads, at a value of more than $ 28 million at the time.
The Solana price also decreased due to the low decentralized exchange activity (DEX) on the network. Defillama data shows that there is a 24 % decrease in the Dex size on Solana. This is likely to be the result of the Solana capital to the BSC network, which seems to be the Meme Coin Ecosystem again prosperous. For context, more data from Defillama shows that the size of the Dex on BSC has increased by approximately 50 % in the past seven days.
The role of Mimi Quinn in this low price
The story of the M in MIM also contributed to the decrease in Solana prices. Last week, Argentina’s president, Javier Millie, promoted the Sol Mimi currency, the scale, on the Mimi currency at his X. This currency eventually turned into a carpet pulling because it crashed more than 94 % in hours.
According to The Solana Post, 74,698 merchants have lost more than $ 286 million on this distinctive symbol, which Milei promoted. On the other hand, the disbursement of those familiar with more than $ 100 million has been reported.
🚨 $ Libra Survey merchants.
74,698 merchants lost 286 million dollars+ on the distinctive symbol that the President of Argentina promoted Jmilei.
71,369 lost up to 10 thousand dollars
2,409 lost 10 thousand dollars and 50 thousand dollars
438 lost 50 thousand dollars – 100 thousand dollars
318 lost 100 thousand dollars and 250 thousand dollars
87 lost 250 thousand dollars+
52 lost 500 thousand dollars+
25 lost one million dollars+
The total massacre. pic.twitter.com/8qbyngphgu
– The Solana Post (thesolapost) February 17, 2025
This development has led to a lot of fear and uncertainty (FUD) in the Solana Environmental System, where the network was classified as one full of many bad actors in its ecosystem of the coin. Consequently, the Meme Coin traders on the network are looking to rotate their capital to other networks, especially with the ecosystem of the coin that was in Solana, which was a decrease.
This also explains the decrease in the Solana DEX size, as it attracted the Meme Coin Ecosystem system a lot of liquidity to these exchanges and the network in general.
Amid this development, Solana’s price is still at risk of further collapse. As Coingepe mentioned, Sol may face great pressure for sale from the distinctive icons of $ 2.06 billion, which will be opened in early March. These metal currencies are part of the Estrate FTX revenues, which were bought by companies like Pantera Capital through an auction.
Boluwatife Adeyemi
Boluwatife Adeyemi is a writer and editor of the encryption news that covers the topics that exceed Defi, NFTS, smart contracts and the interfering operating capacity in Blockchain, among other things. Boluwatife has a talent to simplify the most technical concepts and make it easy for the novice encoded. Outside of writing, he is a thirsty basketball lover and part -time.
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