Solana price has been experiencing a significant decline due to concerns surrounding its ecosystem. The crash in Solana's price is linked to the implosion of meme coins within its ecosystem, with the market cap of these coins dropping from over $25 billion to below $10 billion. This decline has caused a loss of confidence among Solana members and a decrease in on-chain activity and transaction volume. The number of active Solana users has also decreased. Unless the meme coin ecosystem improves, there is a likelihood that Solana price will continue to plummet in the coming weeks. However, the approval of a spot SOL ETF by the SEC could potentially act as a catalyst for a rebound. Technical indicators suggest a bearish trend, with a potential death cross pattern forming. The next significant support level to watch is at $109.



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