Solana’s SOL Price Drops 5% Due to Market Uncertainty and Memecoin Decline
Solana (SOL) experienced a decline of over 5% in the past 24 hours, falling from $163.72 to a low of $154.99. This drop is attributed to:
- Geopolitical tensions and declining memecoin activity affecting network revenue.
- A broader correction in the crypto market following the U.S. Court of International Trade's decision regarding tariffs.
- Revenue from the Pump.fun platform decreasing since early April.
Recent Developments
- Solana Labs launched the Solana AppKit, an open-source toolkit for building mobile apps on the Solana blockchain.
- The kit integrates over 18 protocols, including wallets and trading features, to enhance app functionality.
Price Analysis
- SOL's recent decline is marked by a 5.33% drop over 24 hours.
- Established resistance at $161.84 during heavy sell-off; support found at $152.37.
- Ongoing bearish trend characterized by lower highs and lows.
- Recovery attempts have been limited; reclaiming $157 is necessary for short-term momentum.
- Latest price action suggests a possible short-term support zone around $154.97.
Traders are monitoring whether SOL can maintain critical support levels or if bearish momentum will persist, potentially leading to further declines.