Solana is experiencing significant selling pressure, plummeting to levels not seen since November 2024. Once a favorite in the altcoin market, Solana now grapples with the aftermath of meme coin hype, sparking concerns about its durability. With recent lows taken out, analysts hint at a possible relief move if critical price levels are reclaimed soon.
The altcoin has been on a downtrend since reaching a peak in late January, with the hype surrounding meme coins now posing a liability. As decentralized exchange volumes dwindle, Solana's investors remain cautious, despite the network's strong fundamentals.
Currently trading just above $170, Solana needs to surpass $185 to signal a potential shift in momentum. Failing to do so could intensify selling pressure and prolong the bearish trend, making the coming days crucial for Solana.
Kaynak: www.newsbtc.com ↗