Solana’s SOL Slides 5% as Memecoin Trading Cools, Weighing on Network Activity
Solana’s SOL token dropped about 5% amid a slowdown in memecoin trading activity on its blockchain, contributing to waning bullish momentum. The pullback reflects broader risk-off sentiment in crypto markets amid global trade tensions.
After briefly touching highs near $162, SOL slipped back to around $154 during Saturday trading. The cooling of memecoin transactions—a key driver of recent network volume—has dampened demand for SOL.
Despite Solana’s recent rollout of developer tools aimed at boosting ecosystem growth, including the new Solana AppKit, the token has struggled to maintain upward momentum without strong trading catalysts.
Technically, SOL faces resistance near the $160 mark, with immediate support forming in the $152 to $155 range. Indicators suggest sellers currently hold the upper hand, though short-term bounce attempts could emerge near support zones.
Market analysts caution that SOL’s price action may remain volatile in the near term unless renewed activity in memecoins or broader crypto optimism returns.
Key Technical Points:
- SOL declined roughly 5% in the past 24 hours, ranging between $163 and $154.
- Resistance is solidifying near $160.
- Support established between $152 and $155.
- Momentum indicators point to ongoing bearish pressure.
- Buyers show tentative interest around $154 support.
Looking ahead, SOL’s performance will hinge on the network’s ability to revive user engagement and on overall market stability.
