Solana decreases to the lowest level in 5 months, as Memeco Post-Libra traders decline
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The cryptocurrency market is witnessing a major disturbance this week, as Solana (Sol) is particularly sharp challenges. As the excitement surrounding the mimosin decreased, the prices decreased to its lowest levels in several months.
After the historical penetration of the BYBIT exchange and the controversial President Trump’s proposals, in general Encryption A contraction, with bitcoin decreased by 12 % last week. On the other hand, Solana decreased by 22 %, reaching the lowest new level for five months.
Solana is fighting as new data shows a significant decrease
like I mentioned Through Fortune, a decrease in the value of Solana can be attached to its association with the memecoin scandals supported by recent celebrities, especially the scale incident.
This cryptocurrency increased to the maximum market of $ 5 billion before the collapse, after the promotion of Argentine President Javier Millie, whose participation sparked anger and paid the investigation.
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Zach Bandel, head of research at GrayScale Crypto Asset, indicated that this accident has highlighted Volatility And the risks associated with the momentum, saying, “The current stage of the trading of mechanics has ended on Solana.”
Solana’s height with the presence of the preferred Blockchain to develop memecoin is largely due to the low costs of transactions, high transactions, and infrastructure is easy to use.
Platforms like Pump.fun quickly created the Celip Micoins It was launched in one day. However, this number has since diminished to only 26,000, according to data from the dune analysis company.
Analysts warn of a possible decrease less than $ 100
While many Memecoins lack the fundamental value and often associated with fraud, Pandl suggested that the last microscopic frenzy had some positive effects on Solana Ecosystem.
He explained: “They have achieved users on board, and he has achieved revenues, and helped in a Solana Blockchain test in various ways.” “In this sense, Memecoin Trading is one of the many basic building blocks to develop the next generation of financial infrastructure.”
In addition to Solana problems, the open interest of Solana contracts He rejected 44 % during the past month, decreased from the highest level ever at $ 6.39 billion to only $ 3.57 billion. This decline indicates a decrease in investor confidence and interest in benefiting from Solana sites.
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Coingecko Data It also shows a similar pattern of investors, as the trading volume has decreased by 54 % in the past 48 hours, which represents only $ 5 billion of the total market record in Solaa of $ 66 billion.
Currently trading at $ 134, analysts set this price point as a decisive support zone in the continuous declining direction. According to To Crypto General, if this support fails to keep it, the next support level may decrease to less than $ 100, which represents a decrease of more than 65 % of Solana levels at all.
Distinctive image from Dall-E, Chart from TradingView.com
