Solana’s $200 Dream? 😬
Solana price has taken a nosedive, plummeting to a six-month low below $130. It’s trading at levels last seen in September 2024, and traders are starting to sweat bullets about a possible trip below $100. Historically, these low points have been a chance to grab some bargains, but this time around, there are some serious clouds on the horizon. Here’s the lowdown on why SOL might not be hitting $200 anytime soon 🥶
Why Solana Might Be Stuck in the Mud
Solan is trading at a measly $121 today after shedding a whopping 9% in just 24 hours. 😳 The whole crypto market took a tumble, and Solana got hit harder than a bull in a china shop. In just one week, Solana has lost nearly $16 billion from its market cap. Even with some good news, like SOL landing a spot in a US digital assets stockpile, things aren’t looking rosy. Here’s why Solana might be stuck in the red for a while:
Looming Death Cross…💀
One reason SOL might not be reaching $200 anytime soon? A death cross is on the horizon. The 50-day SMA is about to cross below the 200-day SMA, which could send a chill down the spines of even the most optimistic investors. 🥶
Solana’s price has already broken through a critical support level of $124. If that level doesn’t hold, SOL could plummet to $110, and from there, who knows? It could be a straight shot to sub-$100 levels. Buyers haven’t been able to defend the support, showing a lack of confidence in a recovery. With that kind of pessimism floating around, reaching $200 in March 2025 might be a tall order.
PumpFun’s Sparkle Fades 😕
Remember PumpFun, the platform that gave Solana a big boost earlier this year? Well, those party days are over. 😎 The total market cap of Solana meme coins has taken a nosedive as trader interest dwindles. 🤔
Data from Dune Analytics shows that meme coin activity on PumpFun peaked between December 2024 and January 2025. 📈 But in February and March, things went sour, with activity dropping like a rock. 📉 As fewer developers and traders flock to PumpFun, it’s sending a bearish signal for Solana.
Social Buzz is Gone. What’s Left? 😕
Solana’s social dominance has plummeted to its lowest point in four months.
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2025-03-11 05:49