Solana (SOL) has experienced a significant decline in price, dropping over 40% in the past month and reaching its lowest level since November 2024. The sell-off is linked to the collapse of Solana-based meme coins and concerns about a major token unlock involving 11 million SOL. Network activity on Solana has also decreased, adding to bearish sentiment. An analysis using OpenAI's ChatGPT-4o model suggests that the burst of the memecoin bubble and declining on-chain activity are major reasons behind Solana's losses. The upcoming 15 million SOL token unlock is seen as a potential risk. The analysis projects a price range of $180 to $220 for Solana by March 2025, with limited upside potential given the current challenges. Without catalysts, SOL's recovery may remain slow, and a bearish case suggests a further downside to $120 before a rebound.



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