The price of Solana (SOL) has dropped by over 10% and is currently below its key support level of $165. Market uncertainties, rug pulls, and whales offloading their SOL holdings have contributed to the price decline. Short-term market sentiment is bearish, and the market is expected to retest key support levels in the coming weeks. Despite the sell-offs, the volume on Solana's DEX remains high compared to other networks. Memecoins are a significant contributor to the trading volume on Solana, and their sell-off could further impact SOL's price. The number of active addresses for Solana holders has also decreased significantly. Long-term Solana investors are feeling anxious due to the uncertain market conditions. The price of SOL is currently trading bearishly and may continue to decline towards $130 to $120 if it loses its key support zone. The recent offloading of SOL by whales and the impact of memecoins on the Solana network have affected the overall crypto market liquidity. Despite the current downtrend, market sentiment for Solana's price prediction remains bullish, with the potential for a price rally to $500 or higher by the end of 2025.



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