Solana Drops Over 15% Amid Meme Coin Market Decline
Solana has dropped over 15% recently amid a broader crypto market selloff, driven by speculation and uncertainty. Key points include:
- Meme coins, which previously boosted Solana's growth, are now experiencing significant losses.
- Analyst IncomeSharks noted that the decline is linked to a major flush in the meme coin sector.
- If Solana fails to maintain key support levels, further price drops may occur.
Currently trading at $231, Solana is under pressure as it failed to hold critical support levels. The price has dipped below $230, erasing recent gains. Analyst predictions suggest:
- A bearish target around $200 if support is not maintained.
- Potential stabilization if buyers enter between $220-$225.
- If resistance at $244 is broken, a recovery towards $260 could signal a trend reversal.
The next few days are crucial for determining whether this correction is temporary or indicative of a deeper downturn.
