🤣 Solana’s Wobbly Ride: Will It Crash or Soar? 🚀

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Well, folks, if you’ve been keepin’ an eye on Solana, you might’ve noticed it’s takin’ a bit of a nosedive. It’s like a cat tryin’ to land on its feet after a mighty leap, but we ain’t sure it’s got the knack for it just yet.

Solana (SOL) was sittin’ pretty at $200 on Friday, but that’s a far cry from its high-flyin’ days of 2024, down by a whopping 32%. It’s like watchin’ a hot air balloon deflate in a hurry.

Seems the Solana party’s lost a bit of steam, what with all them meme coins collapsin’ faster than a house of cards in a windstorm. They was worth a cool $25 billion in January, and now? A mere $12 billion. That’s what I call a haircut!

Now, Solana’s got this little issue with them meme coins that pop up like weeds, shoot to the moon, and then come crashin’ down to Earth. Take the Official Trump coin – it’s gone from $75 to $20 faster than you can say “You’re fired!” And Melania? Well, she’s taken a tumble from $12 to $1.5. Ouch!

It’s a regular ol’ dance, as the New York Times so kindly pointed out. New coins come along, everyone jumps in, and then the insiders skip town with the loot, leavin’ the rest of us holdin’ the smelly end of the stick.

All this hocus-pocus has led to Solana’s decentralized exchange lookin’ like a ghost town. DeFi Llama’s data shows it’s down 30% in the last seven days to $28.5 billion. And would you believe it? Binance Smart Chain’s sneaked right past ’em with $27 billion in volume. Talk about a kick in the pants!

And if that ain’t enough, Solana’s NFT sales have taken a dive too. Down 32% in the last seven days to $11 million. It’s like a yard sale where nobody wants your old junk.

With all this slow-go, network fees have taken a hit as well. TokenTerminal’s numbers show that daily fees have dropped from a lofty $31 million on Jan. 19 to a meager $3.48 million on Thursday. It’s like watchin’ a gold mine turn into a lemonade stand.

Peekin’ at Solana’s Price Through a Crystal Ball

Now, the daily chart’s a curious thing. It’s like a weather vane, waverin’ in the wind. SOL’s price is hunkered down at a make-or-break level, teeterin’ right above the 200-day Exponential Moving Average and this here ascending trendline. It’s like a tightrope walker, tryin’ to keep his balance.

Solana’s price is also tiptoein’ up to the support at $170, the lowest it’s been since January, and the neckline of this double-top pattern at $265. It’s a cliffhanger, I tell ya!

If it drops below these support levels, the bears’ll be doin’ a victory dance, and we’ll be lookin’ at an even steeper downhill slide. Could be a bumpy ride down to $110, the lowest it’s been since last July.

But hey, maybe we’ll see a turnaround. A rebound could push Solana right back up to that $250 resistance level. Only time will tell!

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2025-02-14 18:34