Solana (SOL) Faces Selling Pressure as Meme Coin Hype Fades – Analyst Targets $200

Solana has faced significant downward pressure in the past few days, dropping over 15% as the broader crypto market experiences a selloff driven by speculation and uncertainty.

Solana price has faced significant selling pressure in the past few days, dropping over 15% as the broader crypto market experiences a selloff driven by speculation and uncertainty. Meme coins, which have been a major catalyst for Solana’s recent growth, are now seeing massive losses, raising concerns about the blockchain’s short-term outlook.

Solana, known for its popularity among meme coin creators and traders, tends to benefit from surging speculative interest in these assets. When meme coins perform well, Solana sees increased demand, boosting its price. However, in the current market conditions, meme coins are facing a major flush, leading to a significant downturn in Solana’s price performance compared to other altcoins.

Top analyst IncomeSharks shared a technical analysis on X, stating that Solana’s price still wants to go lower as meme coins face a major flush. The broader crypto market has entered a period of uncertainty, and meme coin hype is fading as liquidity dries up. This has created additional selling pressure on Solana, as traders are seen exiting high-risk positions.

Solana has dropped over 15% in the past week, failing to hold critical support levels as bearish sentiment takes over. The price recently dipped below $230, erasing weeks of gains. IncomeSharks sets a bearish target around the $200 mark, a level not seen since January 16. If Solana fails to hold above $220, the selloff could accelerate, driving the price toward the next major support zone.

Solana price drops over 15% as meme coins face ‘a major flush’ - Cryptoslate

Solana (SOL) price has faced significant selling pressure in the past few days, dropping over 15% as the broader crypto market experiences a selloff driven by speculation and uncertainty. Meme coins, which have been a major catalyst for Solana’s recent growth, are now seeing massive losses, raising concerns about the blockchain’s short-term outlook.

Solana, known for its popularity among meme coin creators and traders, tends to benefit from surging speculative interest in these assets. When meme coins perform well, Solana sees increased demand, boosting its price. However, in the current market conditions, meme coins are facing a major flush, leading to a significant downturn in Solana’s price performance compared to other altcoins.

Top analyst IncomeSharks shared a technical analysis on X, stating that Solana’s price still wants to go lower as meme coins face a major flush. The broader crypto market has entered a period of uncertainty, and meme coin hype is fading as liquidity dries up. This has created additional selling pressure on Solana, as traders are seen exiting high-risk positions.

Solana has dropped over 15% in the past week, failing to hold critical support levels as bearish sentiment takes over. The price recently dipped below $230, erasing weeks of gains. IncomeSharks sets a bearish target around the $200 mark, a level not seen since January 16. If Solana fails to maintain support above $220, the selloff could accelerate, driving the price toward the next major support zone.