Solana Price crawled this week, and continued in the direction that lasted since March 12 when it decreased to $ 112.50. It rose to the highest level of $ 142.50, its highest level since March 7 last year. This article explains if the Sol price will wear, and it may reach critical resistance at $ 200.
Solana Mimi currencies and reputation issues
The main reason for Solana Price’s failure from $ 290 in February to $ 112 this month is that it was severely damaged.
For a long time, Solana has a good reputation as a good chain that supports major industries such as decentralized general infrastructure networks (DEPIN), Defi Finance, decentralized science (Desci), and non -explosive symbols (NFTS).
Things changed since last year when Solana became a common name in the coin industry. This problem accelerated after the launch of the Meme Coin generators that helped people create their Meme coins within minutes.
Solana benefited from these metal coins and made a wealth with a high number of transactions. The data indicates that Solana achieved more than $ 44 million in one week in January. It has now achieved more than $ 360 million of the fees this year, which is much higher than ETAREUM.
However, the challenge is that these coins that have harmed Solana’s reputation due to common carpet diagrams. This happened when developers launched their coins, pump them, and then threw them.
A good example of this is the scale currency, which jumped the market ceiling to more than $ 4 billion and then crashed within hours. Rouge Javier Miley, President of Argentina,.
Donald Trump’s official Trump code also rose and the market ceiling was paid to more than 14 billion dollars and then decreased.
Solana Meme currencies have been disrupted in the past few months, as the maximum market has decreased from more than $ 30 billion in January to 8 billion dollars today.
Read more: Solana drowns more than 50 % of the height at all, with Memecoin trading activity fading
Sol standards worsened
The last Solana standards worsened. The data collected by Tokeenseminal shows that Solana has made $ 23 million from the fees this month, a decrease in more than $ 252 million in January and 85 million dollars in February.
Solana’s revenues Decline From 126 million dollars in January to 3 million dollars this month. More data shows that monthly users have decreased to 67.8 million this month from 97 million in January.
It is unclear whether Solana will return these users because many of them will most likely avoid Solana Mimi currencies.
In order for Solana to refresh, his ecosystem will need metal coins to apostasy. Some of them have already done so, with Popcat, Fartcoin, Dogwifhat, Cat in a Dogs World, and peanuts rising the squirrel over 20 % in the past seven days.
Technical analysis of prices in Solana
The daily graph shows that the Sol price has reached $ 120.50 this month. This was an important level because he struggled to move below several times since April last year. This is a sign that it formed a giant quadruple bottom that the neckline was $ 296.
The lower quadruple part is one of the most budget patterns in technical analysis. Solana also formed a spacing pattern up as the oscillator continues to height. This is a sign that the currency will continue to rise for a period of time.
However, Solana Price also formed an escalating wedge style, which includes two trends of upward and close -up. Therefore, there is a risk of currency resumption in the declining direction soon.
More Solana’s negative side will be confirmed if the Sol price decreases to the main support at $ 120. This accident will see a decrease to the next main point at $ 100.
Part of Prices after Solana appeared as fees, revenues and active users first on Invezz
