1.Collapse of Solana-Based Meme Coins: The recent downfall of meme coins on the Solana network, particularly LIBRA, has significantly impacted investor confidence. The LIBRA token's collapse, especially after its endorsement and subsequent disavowal by Argentine President Javier Milei, led to broader market panic, adversely affecting Solana's price.
2.Decline in Network Activity: Solana has witnessed a sharp decrease in on-chain activity. Daily transactions plummeted from 71,738 on January 23 to just 11,871 by February 26. Additionally, the Total Value Locked (TVL) in Solana's DeFi ecosystem dropped from $12 billion in January to $7.13 billion, marking a 41% decline over a month
