• Solana whales accumulate $18.57M in meme coins, signaling strategic moves despite price pressure and market uncertainty.

  • Critical $196–$200 support zone tested multiple times; a breach could lead to further downside toward $160.

  • Meme coins like $WIF, $POPCAT, $FWOG, and $michi remain relevant as traders navigate Solana’s declining momentum.

Recent whale activity on Solana has sparked interest within the crypto market. A purchase of $18.57 million worth of meme coins was reported. Wallet “DWhUa” allegedly acquired e $WIF, $POPCAT, $FWOG and $michi within 14 hours. These tokens were transferred to a new wallet, “D2Noa,” highlighting strategic moves amid Solana’s declining price.

https://twitter.com/spotonchain/status/1876901384089690327

Meme coins have seen fluctuating interest in 2025. Although widely celebrated in 2024, the segment now faces oversaturation due to the rise of “fair launch” platforms. Established coins like $WIF and $POPCAT, once boasting billion-dollar market caps, continue to draw attention. Meanwhile, $michi and $FWOG, with highs of $500 million, remain relevant for traders despite the changing market dynamics.

Solana’s Price Action and Critical Levels

Solana’s price fell 1.72% to $198.76, continuing its broader downtrend. The descending triangle pattern was formed by declining highs and horizontal support near $196–$200. This zone has been tested multiple times, underlining its importance for short-term buyers.

The persistent selling pressure with consecutive red candles confirms a bearish sentiment. Solana briefly broke above its descending trendline but failed to sustain momentum. Consequently, the price retraced to its critical support zone.

Source: X

Trading volume has remained consistent, suggesting steady market participation. If the $196 support level fails, Solana could decline further, potentially targeting $160. The lower dashed red line shows this bearish possibility.

Market Sentiment and Key Takeaways

Meme coins on Solana remain a hot topic, despite diminishing market-wide interest in the segment. The recent whale purchases reflect confidence in these established tokens. Furthermore, Solana’s current price action demonstrates a crucial consolidation phase.

Investors should closely monitor the $196–$200 support zone, as a breach could signal downside risks. Besides, previous breakout attempts highlight the potential for recovery, albeit short-lived. Moreover, the ongoing accumulation of meme coins may spark renewed interest in Solana's ecosystem.

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