Meme coins, an important segment of the Solana ecosystem, have been experiencing strong downturns lately following an unexpected rally in May.

Fartcoin (FARTCOIN), one of the best-performing meme coins last month, has gone down by nearly 15% in the past 24 hours while dogwifhat (WIF) has experienced a similar retreat of more than 9%.

Weekly trading volumes across Solana DEXs have dropped by 22% in the past 7 days according to data from DeFi Llama.

This would be the fourth consecutive week of decreasing trading volumes as traders may have been spooked by the latest downturns. In an over-leveraged market like this, even the smallest declines can blow up millions worth of long positions.

SOL Could Drop to $115 If Bullish Structure Falters

Solana’s daily chart shows that the $180 level acted as a strong ceiling for the price action two times in a relatively short period.

This formed a double-top pattern that has played out as expected lately, with a strong decline toward the token’s second-best higher high as the market scrambles to look for further liquidity to keep the rally going.

The token’s bullish structure is still holding up. However, a bearish breakout below this key level could ignite a strong downward movement toward the $115 – $120 area. #NewsAboutCrypto #news_update #sol #coinaute