Major currency analysis: SOL holders take note

View: Bearish

Reason: Poor Meme market, increased selling pressure

Forecast period: June 21, 2024 to September 21, 2024

Price at forecast time: $132.79

Forecast price performance so far: Up 5.88%

According to the Bankless analysis team, SOL is expected to underperform ETH as the meme coin craze further fades.

Although SOL performed strongly between October 2023 and March 2024, with prices reaching a high of $200, the novelty of its ecosystem seems to have peaked. Key on-chain metrics such as daily active addresses and DEX trading volume were stagnant throughout June.

Solana seized the opportunity of meme coin issuance in this cycle with its two advantages of low fees and unified global status. However, the performance of meme coins has been lackluster in recent weeks.

Solana’s main native meme coins WIF and BONK have fallen more than 50% since their highs in May, and other meme coins have performed even worse, with most of the previously popular celebrity meme coins close to zero.

Although there is a view that the fading of the meme craze means that Solana is on a healthy path to mass adoption, as Solana users gradually realize that there is limited profit to be made from on-chain meme coins, they may consider cashing out. This could lead to a deterioration in Solana’s fundamentals and increased selling pressure on SOL.

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