Solana (SOL), a popular cryptocurrency, is experiencing significant challenges as the overall crypto market faces a downturn. Solana has dropped 22%, reaching a five-month low, attributed to its association with recent celebrity-backed memecoin scandals. The decline in value is tied to the LIBRA incident, where Solana surged in market cap before crashing, sparking outrage and an investigation due to the involvement of Argentine President Javier Milei. The recent memecoin frenzy had positive impacts on the Solana ecosystem, but memecoin trading is now seen as over. Solana's open interest for futures has declined by 44% over the past month, indicating a reduction in investor confidence. Trading volume has also dropped 54% in the last 48 hours. With Solana currently trading at $134, analysts see the $100 support level as crucial, with a potential drop of over 65% from all-time highs if it fails to hold.



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