Is Solana’s Price on a Dramatic Downward Spiral? Find Out! 😱

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In the present day, dear reader, it appears that the fortunes of Solana have taken a most unfortunate turn, as its price languishes in a bear market, having plummeted over 57% from its zenith this year. Alas, further declines seem all but inevitable! 😩

On this fateful day, March 21, Solana (SOL) has descended to a mere $126.5, thus reducing its market cap to a paltry $64.45 billion—down from a princely sum of over $127 billion just a few moons ago, thereby erasing approximately $63 billion in value. One must wonder, where has all the wealth gone? 💸

The ongoing calamity befalling Solana is attributed to significant tribulations within its ecosystem. The once-thriving meme coin market has met with a most disheartening collapse, as the total market cap of Solana-based meme coins has dwindled from over $25 billion in January to a mere $7.2 billion. Presently, only the illustrious Official Trump (TRUMP) maintains a market cap above $1 billion. How the mighty have fallen! 😂

This unfortunate decline has precipitated a considerable reduction in the trading volume managed by Solana-based decentralized exchanges, such as Raydium, Orca, and Meteora. According to the esteemed DeFi Llama, the volume on these platforms has plummeted by over 34% in the past week, now resting at $8.3 billion. A most tragic fate indeed! 😢

In contrast, the DEX protocols on the BSC network have managed to handle a commendable $14.2 billion during the same period, whilst Ethereum DEXs have processed $9.65 billion. Over the last thirty days, Solana’s DEX protocols have handled a mere $61 billion in volume, trailing behind Ethereum’s impressive $78 billion. Oh, how the tables have turned! 🥴

This marks a most significant reversal, as Solana had previously held the esteemed title of the most active chain for DEX trading since the previous October. The decline has also cast a shadow upon network revenue, with data revealing that Solana generated a mere $21.2 million in revenue this month, a stark contrast to the $90 million of the preceding month and a peak of $258 million in January. What a fall from grace! 😱

Solana price technical analysis

The daily chart, dear reader, reveals that SOL has been ensnared in a most vigorous downward trend over the past few months. It has plunged from $295 in February to $126 as the challenges within its ecosystem have intensified. A most alarming trajectory! 😳

Solana has formed a rather ominous death cross pattern, as the 50-day and 200-day moving averages have crossed each other on March 3. The coin is now in the process of forming a bearish flag pattern, characterized by a long vertical line and a rectangle pattern. Such a formation typically heralds a strong bearish breakdown. How delightful! 🙄

The pennant is developing at a critical support level that Solana has struggled to breach since April of the previous year. A confirmed breakdown below this level would likely incite further losses, with the next target hovering around $100, approximately 25% below the current price. One can only hope for a miraculous recovery! 🤞

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2025-03-21 19:27