The price of Solana (SOL) has dropped by 9% in the last 24 hours, reaching below $170. This is the lowest level since late October 2024. If the price falls below the $165 support level, it could further decline towards $150. The trading volume of SOL has increased by 76%, indicating increased selling pressure and volatility. This may be due to investors taking profits or cutting losses as they fear further price drops. However, some investors may see this as an opportunity to buy the dip. The struggles in SOL's price can be attributed to high-profile rug-pull scams on the Solana network and a significant outflow of stablecoins from the ecosystem, indicating declining investor confidence.



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