Solana (SOL) Falls 5% as Memecoin Hype Slows Down
Price Drops from $163.72 to $154.99 as Traders React to Market News
🔍 What’s Happening?
Solana (SOL) dropped 5.33% in 24 hours
Price fell from $163.72 to $154.99
Reasons include:
🔻 Fewer memecoin trades on Solana
🌍 New U.S. tariff news causing fear in markets
🧪 Tech Analysis: SOL Price Action
Event Time (UTC)Price ActionVolume16:00Hit resistance at $161.842.52M01:00Found support at $152.371.81M07:17Local bottom at $154.37—07:54Jumped to $155.36 (high volume)10,295Final MinutesEnded near $154.97—
🔺 Resistance: $161.84
🔻 Support Zone: $150–$160
🔄 Trend: Bearish with lower highs and lows
📉 Memecoin Trading Slows
Pump.fun activity fell sharply since early April
Less memecoin activity = less usage of Solana
This cut down network revenue, adding to price pressure
🛠 New App Tools from Solana
Solana launched AppKit for mobile developers
Build apps on Solana in 15 minutes using React Native
Supports:
Mobile wallets (Privy, Turnkey, etc.)
Swaps & copy trading with Jupiter Exchange
Raydium and Pump.fun integrations
➡️ Goal: Make it easier to build apps and grow the Solana ecosystem
📊 Market Warnings
SOL formed a double-top near $184.50
Broke below Fibonacci support
SOL/ETH pair also fell — analysts warn of up to 40% more downside
Standard Chartered says Solana must move beyond memecoins to grow again
💬 Can SOL Recover?
Some traders believe Solana still has hope:
If it holds support at $150–$160, it may bounce back
A move above $157 could lead to recovery toward $200
But if support fails, more losses may come