The price of Solana (SOL) has experienced a significant pullback, dropping to $200, a 35% decline from its peak of $295 in January. This decline is attributed to the broader cryptocurrency market, with Bitcoin and other altcoins also pulling back. The total market cap of Solana meme coins has dropped from over $25 billion to $12 billion, and many of these tokens have experienced drops of more than 30% in the last 30 days. Additionally, Solana's decentralized exchange trading volume has decreased by 25% in the past seven days, and non-fungible token sales have fallen by 36% in the last month. The number of active wallets in the Solana network has also decreased from 6.5 million to 3.8 million. The technical analysis indicates that SOL has entered a bear market, moving below key moving averages and forming a double-top pattern. If the price drops below the neckline of this pattern, further downside is expected, potentially pushing the price to $120, a 40% decline from current levels.



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