Summary:

On February 6th, the crypto market saw significant selling pressure, causing the price of Bitcoin to drop below $100k. This downward trend also impacted altcoins like Solana (SOL). However, despite the falling price of SOL, there has been a notable increase in application revenues for the cryptocurrency. Solana's cumulative app revenues grew from $268 million in Q3 2024 to $840 million in Q4, a 213% quarter-over-quarter (QoQ) growth. This growth reflects increased adoption and transaction volume across various sectors. Notable contributors to the revenue increase include the memecoin generator app Pump.fun and the Photon platform, signaling growth in the DeFi and NFT sectors. The Solana price has experienced a sharp decrease of 34% in the past four weeks, potentially indicating high supply pressure. The price chart reveals a double bottom pattern, which could lead to a major breakdown if the $177 neckline support is breached. However, if buyers can defend the $264 support level, the price trajectory may shift sideways to regain bullish momentum.



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