The Solana (SOL) price has experienced a significant drop, reaching its lowest level since November 6 and falling 46% from its peak in February. This decline is attributed to challenges faced by the ecosystem in the midst of meme coin price weakness. The total market cap of SOL meme coins has decreased from $25 billion in January to $9.8 billion. This decline has also affected internal metrics, such as the number of active users and revenue. The number of active users has dropped to its lowest level since October 7, indicating some users have sold their tokens. Additionally, Solana's revenue has fallen below $1 million a day, decreasing from a peak of $44 million earlier this year. As Solana meme coins plunge, the decentralized exchange industry has also suffered a drop in volume. The SOL price has been in a strong bearish trend, forming a death cross pattern in which the 200-day and 50-day Weighted Moving Averages intersect. The outlook for SOL price is bearish, with a target of $110, about 30% below the current level, although a break above $200 would invalidate this bearish outlook.



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