Since the start of 2025, a major decline in memecoin trading volume has significantly impacted Solana. Data from CoinMarketCap shows that Solana’s trading price has dropped over 15% in a week and a staggering 37.58% over the past 30 days. This downturn raises concerns about whether Solana will continue to falter in the coming sessions.
Technical Analysis and Key Support Levels
Despite the recent slide, Solana’s price performance over the past 52 weeks tells a different story—it has gained about 37%, with historical highs reaching $294.33 and lows at $105.90. However, current data from TradingView indicates that SOL is trading at $142.03, having fallen 1.73% in the last 24 hours and now sitting below its 20, 50, 100, and 200-day EMAs. Experts warn that if this bearish trend continues, SOL could soon test initial support at $105.21.
Memecoin Mania and Market Sentiment
The ongoing decline in Solana’s trading price is partly attributed to the volatile environment created by platforms like Pump(dot)Fun. Dune Analytics reported a record 94% drop in trading volume on Pump(dot)Fun on February 25, with most memecoins trading below key EMAs. The wider memecoin market also faces a 43.13% drop in market capitalization and a 10% decline in trading volume, partly due to an overwhelming number of similar projects confusing investors. In addition, Raydium’s prices have plummeted, with a 61.86% drop and significant decreases in volume and market cap.
#Solana #crypto #marketupdate #DeFi
Follow #Cryptoknowmics for latest crypto news: