Solana’s Price Plummets: Is This the End or Just a Dramatic Pause? 😱

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Hold onto your wallets, folks! Solana’s price just took a nosedive for two days straight, and it’s not just the crypto market that’s feeling the heat—it’s the entire meme coin ecosystem! 🎢

So, what happened? Solana (SOL) plummeted to $127 on Saturday, which is a whopping 15% drop from its peak this week. It’s like watching your favorite sitcom get canceled—just sad. 😢 This is the lowest it’s been since March 2021. Talk about a dramatic fall from grace!

As if that wasn’t enough, most of Solana’s meme coins decided to join the party of despair. Fartcoin (FARTCOIN) took a 15% hit on Saturday, while the ever-popular Popcat (POPCAT), ai16z (AI16Z), and Bonk (BONK) all fell by over 10%. I guess they didn’t get the memo about the importance of self-care during market downturns! 🙈

The market cap for all Solana meme coins took a hit too, dropping over 10% to $7.2 billion. That’s right, folks—over $18 billion in value just vanished like my motivation to go to the gym after a long week. 💸

But wait, there’s more! According to some third-party data (because who doesn’t love a good statistic?), crypto traders were actually buying into the Solana meme coin rally earlier this week. It’s like they were trying to catch a falling knife—bold move, my friends! 🔪

In a surprising twist, DeFi Llama reported that Solana’s DEX volume soared by 60% in the last week, hitting over $3 billion. That’s more than Ethereum (ETH) and BSC, which managed $11.35 billion and $8.9 billion, respectively. It’s like Solana just showed up to the party wearing the same outfit as everyone else but somehow still managed to steal the spotlight! 🌟

Most of this DEX volume came from Pump, which handled over $2.8 billion in transactions. It’s like the overachiever in class that everyone secretly resents but can’t help but admire. Sorry, Orca, Meteora, Raydium, and Lifinity—better luck next time! 🏆

And here’s a little silver lining: Solana had some positive news this week! Blackrock, the biggest asset manager in the world, decided to expand BUIDL, its money market fund, to the network. This is a big deal, folks, as BUIDL’s assets have surged to over $1.86 billion. Maybe there’s hope for Solana after all! 🌈

Solana price technical analysis

Now, let’s talk charts. The daily chart shows that Solana has taken quite the plunge over the past few months, dropping from January’s high of $295.45 to a mere $126. It’s like watching a reality show contestant go from hero to zero in one episode! 📉

Recently, it formed a bearish flag pattern, which is just a fancy way of saying it’s not looking good. And on March 4, it formed a death cross pattern as the 50-day and 200-day moving averages flipped each other off while pointing downwards. Ouch! 😬

So, what does this mean? A combination of a death cross and a bearish flag suggests a strong breakdown, potentially down to $100. For that to happen, it needs to plunge below the support at $120, which it has failed to do several times since April last year. It’s like trying to break up with someone who just won’t take the hint! 💔

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2025-03-29 19:57