In the last 24 hours, SOL, Solana’s native coin, tumbled by more than 5%, rattled by simmering geopolitical unrest and a stark drop in memecoin trading action across its network. From a starting point of $163.72, the token slid down to a nadir near $154.99, pressured by a cocktail of market jitters and shrinking transaction revenues.
This slump aligns with a wider crypto market shake-up, sparked by a U.S. Court of International Trade decision overturning Trump’s tariff freeze—rekindling trade fears and unsettling investors. Adding salt to the wound, earnings from memecoins on Pump.fun, once a bustling hub within Solana’s ecosystem, have cratered since early April, eroding a vital source of transactional momentum.
Recent Developments Within Solana’s Ecosystem
- On Friday, Solana Labs rolled out the Solana AppKit—an open-source React Native toolkit that empowers devs to whip up iOS and Android Solana apps in roughly 15 minutes flat.
- This toolkit packs integrations with over 18 protocols, including wallet solutions backed by Privy, Dynamic, and Turnkey, plus full-on support for Mobile Wallet Adapter tailored for Solana Mobile devices.
- Users also gain access to seamless swaps and copy trading, courtesy of Jupiter Exchange, with helpful add-ons from Raydium and Pump.fun intended to supercharge app capabilities and user stickiness throughout the network.
Snapshot of SOL’s Price Action
Technically speaking, SOL has been molding a double-top formation hovering near $184.50, before slicing below critical Fibonacci support bands. In addition, the SOL/ETH pair cracked beneath an ascending wedge, prompting some experts to caution about a 40% plunge versus Ethereum on the cards if Solana’s activity doesn’t pick up pace.
Adding to the bearish whispers, Standard Chartered voiced concerns that Solana’s overreliance on memecoin traffic leaves it vulnerable, stressing the necessity to diversify its transaction drivers or face ongoing price underperformance. Heightened long liquidations are feeding into the downside momentum as well.
Still, the glass isn’t completely empty for some traders — they observe that as long as SOL clings to the $150-$160 zone, the broader bullish framework remains intact. Holding this line could open the door to a rebound aiming for $200, whereas a breach might pave the way for further dips to next support thresholds.
Market Metrics and Technical Recap
- In the past day, SOL’s price slipped from $163.72 down to $154.99, marking a 5.33% retreat.
- Volatility sharpened noticeably, with price oscillations spanning an $11.87 range (7.24%).
- Resistance was bolstered at $161.84 amid a heavy sell-off accompanied by above-average volume of 2.52 million units.
- Strong buying interest unfolded around $152.37, buoyed by volume hitting 1.81 million.
- The ongoing pattern of descending peaks and troughs highlights the persistence of downward pressure.
- Attempts to rally were tepid; reclaiming $157 remains critical to regain short-term upside momentum.
- The local floor emerged near $154.37 at 07:17, followed by a modest bounce up to $155.36.
- Peak buying intensity occurred at 07:54, with a volume surge of 10,295 tokens traded.
- In the final moments, price retraced to $154.97, hinting at a possible micro support zone holding ground.
Solana in numbers: According to recent on-chain data, Solana processes around 1,000 transactions per second during peak times, boasting over 400 active projects and a monthly active user count exceeding 1.5 million. However, memecoin-related revenue has dropped by approximately 60% since April, signaling a cooling in speculative activity that once drove network fees.
Looking Ahead
As market participants deliberate Solana’s forthcoming trajectory, all eyes will be on whether SOL can sustain these pivotal support levels or if the prevailing bearish trend will deepen, dragging prices further south. The next few sessions are poised to be critical for the network’s native token amidst uncertain macroeconomic crosswinds and shifting on-chain dynamics.
