Solana has covered its all -time high $ 295 to 50% distance in January, possibly the meme coin is powered by a decline in trading activity.
Solana (Sol) has been the worst monthly performance since FTX collapse in November 2022, falling 38% in the last 30 days. The decline in Memcoin trading activity, which previously contributed to the large-scale on-chain volume of Solana, has been a major factor.
By 26 February, the 8.1 million token pump has been mined. The forum has later produced $ 577 million in fees. On 12 February, pump.fun’s daily trading volume reached a high level of monthly high $ 218 million. But it seems that the speed has slowed down.
Data from a dune analytics Scatter This shows that the trading volume has decreased by 94% in a single day, from $ 89.5 million on 25 February, on 26 February to just $ 5.03 million. Most tokens are 80–90% below their peaks, indicating a decline in large memecoin that indicate the decline in large memecoin. market.
The decentralized finance ecosystem of Solan has seen an important outflow as a result of this crisis. As DefilamaSolana’s TVL declined from $ 12 billion to $ 7.13 billion in mid -January, loss of $ 5 billion in less than a month.
In the last 30 days, radium, decentralized exchanges that pump into homes. Capital Solana’s activity is also going to other networks in the form of women. In the last 30 days, more than $ 500 million has been designed for atherium (Eth), Mediator (ARB), and Sonic (Sonic)
Sol is currently trading at $ 142, falling 15% in the last 7 days. Bulls are struggling to establish a support level, in which $ 140 are acting as a major range. If SOL fails to keep above this level, the next major support is between $ 125 and $ 130. A breakdown soul below this limit can push the lowest price since August 2024.
Sol needs to recover a $ 150 mark and resume its speed of its fast to watch the revival in TVL and on-chain volume. Till then, there is still a strong ability to fall more, which increases uncertainty.
On March 1, the upcoming 11.2 million tokens may put pressure on unlock sool. Additionally, soon a solana ETF is less likely to approve, which immediately reduces the possibility of an institutional trigger.
