The Solana Price withdrew back to $ 295 in January as its ecosystem and comprehensive crypto industry has lost speed.
Solana (Sol) fell at a psychological level of $ 200, marking a 35% decline from its highest point this year.
This retreat is largely due to pulcoin (BTC) and other Altcoin back. Bitcoin has fallen from this year’s high $ 109,200, which is weighing tokens in the Solana ecosystem.
According to CoingEcko, the total market cap of all Solan Mem coins There has been a decline of over $ 25 billion in January. Most of these tokens, including Bonak, Dogwifat, Pudi Penguins and Fartcaine, have declined by more than 30% in the last 30 days.
Further data suggests that the decentralized exchange trading volume of Solan has fallen in recent times as investors exit the meme coins. The trading volume has fallen by 25% in the last seven days, which has increased to $ 41.6 billion. Radium, Metora and Lifeinity saw a decline of more than 30% of their weekly quantities during the same period.
Solana’s non-fanciliated token sales have also fallen in the last 30 days. As CryptosalamThe sales fell 36% to $ 75 million in the last 30 days.
More data also shows that the number of wallets active in the network has fallen to 3.8 million below 6.5 million in January.
Solana value prediction
The daily chart suggests that the price of Sol reached $ 295.05 in January and a technical bear went to the market, falling about 35%. Solana has also gone below 50-day and 25-day exponential moving average.
It has gone below 25-day and 50-day exponential moving averages, a sign that bears control. Sol also went below 23.6% fibonacci retracement level. In particular, the coin has formed a double-top pattern at $ 265, and the neckline is at $ 170.
A double-top technical analysis has a widely reversed pattern of a widely recognized recession. A drop under the neckline and the lower limit and negative side of the ascending channel will potentially push the price at 61.8% retracement level at $ 120, which represents a 40% decline from current levels.
