{"id":1595,"date":"2025-05-31T15:27:47","date_gmt":"2025-05-31T15:27:47","guid":{"rendered":"https:\/\/bitunikey.com\/news\/solana-slides-to-monthly-low-as-memecoin-frenzy-fizzles\/"},"modified":"2025-05-31T15:27:48","modified_gmt":"2025-05-31T15:27:48","slug":"solana-slides-to-monthly-low-as-memecoin-frenzy-fizzles","status":"publish","type":"post","link":"https:\/\/bitunikey.com\/news\/solana-slides-to-monthly-low-as-memecoin-frenzy-fizzles\/","title":{"rendered":"Solana slides to monthly low as memecoin frenzy fizzles"},"content":{"rendered":"
\n

After a euphoric surge that saw meme coins on the Solana blockchain skyrocket earlier this year, the hype is beginning to unravel. <\/p>\n

Solana\u2019s native token, SOL, has dropped for four straight days\u2014falling nearly 18% from its May highs\u2014as meme coin valuations across its ecosystem collapse. <\/p>\n

Once riding high with a combined market cap north of $15 billion, Solana\u2019s meme assets like Dogwifhat (WIF), SPX6900 (SPX), and Popcat (POPCAT) have shed billions in value in just days. The broader sell-off mirrors a risk-off shift in the crypto market, amplified by geopolitical tensions and technical breakdowns, casting doubt on how much steam is left in Solana\u2019s meme-fueled momentum. <\/p>\n

Solana\u2019s correction deepens<\/strong><\/h2>\n

Solana fell to a low of $153.90, down 17.6% from its highest level in May. If the sell-off continues, it may move into a technical correction.<\/p>\n

Solana meme coins have been some of the worst-affected as their market capitalization fell from over $15 billion mid-month to $10 billion.\u00a0<\/p>\n

Dogwifhat price tumbled by 20% in the last 24 hours, while SPX6900 (SPX) fell by 18%, as we predicted. <\/strong>Other top Solana meme coins like Fartcoin (FARTCOIN), Pudgy Penguins, and Popcat have tumbled by over 20% in the same period.<\/p>\n

<\/source><\/p>\n<\/picture>
Solana meme coins chart | Source: CoinGecko<\/a><\/figcaption><\/figure>\n

The ongoing Solana meme coin sell-off has also affected its ecosystem. For example, the volume handled by protocols in its DEX ecosystem has tumbled in the past few days. The volume stood at $2.4 billion in the last 24 hours, lower than Ethereum and BSC $2.98 billion and $12.1 billion.\u00a0<\/p>\n

Solana and meme coins in its ecosystem have tumbled because of profit-taking, as most of them were up by over 100% from their lowest levels in April. <\/p>\n

SOL price technical analysis<\/h2>\n

The daily chart below shows that Solana has dropped sharply in the past few days, moving from $185 on May 23 to $154. It has moved below the 38.2% Fibonacci Retracement level.<\/p>\n

<\/source>
\n\"SOL\n<\/picture>
Solana price chart | Source: crypto.news<\/figcaption><\/figure>\n

The coin has also crashed below support at $159.45 and the neckline of the double-top pattern at $184.25. A double-top is one of the riskiest chart patterns in technical analysis.<\/p>\n

Solana has dropped below the 50-day Exponential Moving Average, while the Relative Strength Index and the MACD have all pointed downwards.\u00a0<\/p>\n

Therefore, the coin will likely continue falling. The initial target is the 23.6% retracement point at $140, down 8.50% from the current level. If the coin rises above the double-top point at $185, more upside, potentially to $200, will be invalidated.<\/p>\n

<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

After a euphoric surge that saw meme coins on the Solana blockchain skyrocket earlier this year, the hype is beginning to unravel. Solana\u2019s native token, SOL, has dropped for four…<\/p>\n","protected":false},"author":1,"featured_media":180,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1595","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency"],"_links":{"self":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/1595","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/comments?post=1595"}],"version-history":[{"count":1,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/1595\/revisions"}],"predecessor-version":[{"id":1596,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/1595\/revisions\/1596"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media\/180"}],"wp:attachment":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media?parent=1595"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/categories?post=1595"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/tags?post=1595"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}