𝗪𝗵𝘆 𝗶𝘀 𝗦𝗼𝗹𝗮𝗻𝗮 (𝗦𝗢𝗟) 𝗽𝗿𝗶𝗰𝗲 𝗱𝗼𝘄𝗻 𝘁𝗼𝗱𝗮𝘆?.
Solana’s SoLUSD price has struggled to close above $140 since Sept. 10. Despite showing consistent buying activity each time it tests the $125 support, SOL remains rangebound compared to a month ago
Let’s examine the factors keeping SOL’s price below $140 and what needs to occur for it to surpass this level.
Fading Solana memecoin frenzy negatively impacts SOL price
Solana’s 642% rise over the last 12 months has largely been driven by airdrops, memecoins and Pump.fun activity. This hype appears to have faded over the last few months, with some market participants arguing that the momentum that that pushed SOL to $210 in March 2023 has proved to be unsustainable.
Notable price corrections have been seen in Solana-based cryptocurrencies over the last 30 days, including Dogwifhat (WIF), which dropped 6%, Bonk (BONK), which lost 14%, Lido (LDO), which declined 6%, and Book of Meme (BOME), which decreased 8%.
According to data from DappRadar, Pump.fun volume has dropped 70% over the past month, now totaling $11.47 million. Similarly, the number of transactions has dropped by 30% over the same period to approximately 900,590 at the time of publication.
