Solana’s Meme Coin Meltdown: The Drama Unfolds! 🎭

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So, remember when meme coins on the Solana blockchain were the life of the party? Well, it seems like they’ve hit the wall and are now face-down in the punch bowl. 🍹

Solana’s native token, SOL, has been on a downward spiral for four days straight—like a sad rollercoaster ride—plummeting nearly 18% from its May highs. Talk about a dramatic exit! 🎢

Once basking in the glow of a market cap over $15 billion, Solana’s meme assets like Dogwifhat (WIF), SPX6900 (SPX), and Popcat (POPCAT) have shed billions faster than you can say “to the moon!” 🚀 Now, the crypto market is looking more like a risk-off zone, thanks to geopolitical tensions and technical breakdowns. Who knew meme coins could be so… dramatic? 😱

Solana’s Correction Deepens

Solana has nosedived to a low of $153.90, down 17.6% from its May peak. If this sell-off keeps up, we might be looking at a technical correction. Buckle up, folks! 🎢

Our beloved meme coins have taken a hit, with their market cap dropping from over $15 billion to a mere $10 billion. Ouch! 💔

Dogwifhat’s price took a nosedive of 20% in the last 24 hours, while SPX6900 (SPX) fell by 18%—just as we predicted! 🎉 Other top Solana meme coins like Fartcoin (FARTCOIN), Pudgy Penguins, and Popcat have also tumbled by over 20%. It’s like a sad meme coin funeral out there! 🥳

The ongoing Solana meme coin sell-off has also sent shockwaves through its ecosystem. The volume handled by protocols in its DEX ecosystem has plummeted, standing at $2.4 billion in the last 24 hours—lower than Ethereum and BSC, which are flexing with $2.98 billion and $12.1 billion, respectively. 💸

Why the drop? Well, it seems profit-taking is the name of the game, as most of these coins were up over 100% from their April lows. Who knew taking profits could be so… unprofitable? 🤷‍♀️

SOL Price Technical Analysis

The daily chart below shows that Solana has dropped sharply, moving from $185 on May 23 to $154. It has dipped below the 38.2% Fibonacci Retracement level. Fibonacci must be rolling in his grave! 📉

The coin has crashed below support at $159.45 and the neckline of the double-top pattern at $184.25. A double-top is like the worst kind of double date—awkward and risky! 😬

Solana has also dropped below the 50-day Exponential Moving Average, while the Relative Strength Index and the MACD are both pointing downwards. It’s like they’re all in agreement: “Let’s keep falling!” 🙈

So, what’s next? The initial target is the 23.6% retracement point at $140, down 8.50% from the current level. If the coin somehow rises above the double-top point at $185, we might see some upside, potentially to $200. But let’s be real, that’s a big “if.” 🤞

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2025-05-31 18:22