CandleFocus

Solana death cross points to pain ahead as meme coins tank

Author: Content Editor
Solana (SOL) has experienced a significant price crash, falling 53% from its peak this year. This decline is in line with a broader decrease in the value of Solana meme coins, with the market cap of these coins dropping from $25 billion in January to $7.6 billion. The largest Solana meme coin, Official Trump (TRUMP), has seen a 10% drop in the past week. Other meme coins like Bonk, Dogwifhat, Pudgy Penguins, and Fartcoin have also seen declines. This crash is a result of recent high-profile blow-ups, including the collapse of the Libra coin. Additionally, the likelihood of Solana being included in Donald Trump's crypto stockpile has decreased. However, there is growing optimism that the Securities and Exchange Commission will approve a spot SOL ETF. Currently, SOL is in a downward trend and has broken below key support levels, indicating a potential further decline to the $100 mark. Despite this rough patch, Solana remains an attractive platform for meme coins due to its scalability and low transaction costs.

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