5 months ago
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- Solana is forming a death cross pattern, signaling potential further declines as it drops to $159.
- Meme coin selloffs have wiped billions, with Solana’s active users falling to their lowest since October.
- If SOL fails to recover above $200, it could drop to $110, marking a 30% decline from current levels.
Solana is on the verge of forming a death cross pattern, a technical indicator that often points to further downside. The ecosystem is already struggling—DEX volume is plunging, active users are leaving, and revenue is drying up.
SOL has now tanked to $159, marking its lowest point since November 6 and a 46% drop from its February high.
Meme Coin Collapse & Declining Network Activity
Solana’s recent crash aligns with a broader selloff in meme coins, a sector that once fueled massive gains.
- Total SOL meme coin market cap plummeted from $25B in January to $9.8B today.
- Popular tokens like Dogwifhat, Official Trump, and Pudgy Penguins have lost billions in value.
- TokenTerminal data shows active users fell to 87.3M, the lowest since October 7.
Meanwhile, Solana’s revenue has collapsed, dipping below $1 million per day, a staggering decline from its $44M peak earlier this year.
Solana’s DEX Volume & Price Forecast—More Pain Ahead?
The DEX sector is also bleeding, as trading volume on Solana fell 36% in just seven days, landing at $16.7B—lagging behind Ethereum ($18.3B) and BSC ($16.9B).
- SOL is forming a death cross, where the 50-day & 200-day WMA cross downward—a historically bearish signal.
- The Percentage Price Oscillator is sliding deeper into negative territory, reinforcing the downtrend.
- SOL broke below key support at $169, signaling that bears remain in control.
If this bearish momentum holds, the next major support sits at $110, the lowest level since August 2023—a potential 30% drop from current prices.
However, if SOL somehow claws its way back above $200, the bearish outlook would be invalidated. But for now? The trend remains firmly downward.
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