The price of Solana (SOL) has dropped to a crucial support level, indicating it is in a bear market. The decline is attributed to the fading momentum in its ecosystem following the recent pump-and-dump cycles of meme coins. The network growth has lost momentum and meme coins in Solana's ecosystem have crashed, resulting in a decrease in total market cap. Solana's association with these viral meme coins has posed a challenge as they often surge before plunging, causing retail traders to suffer losses. This has led to a decline in decentralized exchange trading volume and NFT sales. As a result, network fees have also decreased. The current price of SOL is consolidating above the 200-day EMA and an ascending trendline, with the potential for a rebound or further downside depending on whether it breaks below key support levels.



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