Solana news: SOL gets oversold as network woes mount

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😱 SOLANAFALL: The Apocalypse is Here! 🌪️

Solana news: <a href="https://usdinrusd.com/sol-usd/">SOL</a> gets oversold as network woes mount

Well, folks, it looks like Solana (SOL) has finally hit rock bottom! 🤣 Down 53% from its highest level this year, it’s like they say: “What goes up must come down… and then come back up again… and then down again… and then… you get the idea!” 😂

But seriously, the price has dropped to $138, and it’s been a long time since it’s been this low. I mean, it’s been since October 11th, to be exact. That’s like, forever in cryptocurrency years! 🕰️

Now, I know what you’re thinking: “Mel, what’s going on with Solana?” Well, let me tell you, it’s like a big ol’ mess! 🤯 The Relative Strength Index (RSI) is down to 24, which is like, way oversold. It’s like the market is saying, “Hey, we’re done with Solana! Take it or leave it!” 🚫

And don’t even get me started on the stochastic oscillator. It’s like, 10! That’s like, the ultimate oversold level. It’s like the market is playing a big game of “Solana roulette” and it’s not looking good for SOL! 🎲

Top Solana news driving its price action

So, what’s behind Solana’s downward spiral? Well, let me tell you, it’s like a big ol’ bucket of chicken soup… with a side of despair! 🍲

Binance has been selling its SOL holdings through Wintermute, which is like, a big no-no in the cryptocurrency world. It’s like they’re saying, “Hey, we’re out of here! Take our SOL and leave us alone!” 🚪

And then there’s the FTX distributions. Oh boy, that’s like, a whole can of worms! 🐜 Solana is scheduled to unlock 11.5 million tokens worth almost $2 billion, which is like, a big ol’ injection of liquidity… or is it? 🤔

And don’t even get me started on the Solana meme coin ecosystem. It’s like, a big ol’ mess! 🤯 The market cap has fallen from $25 billion to $8.8 billion, and all the prominent names like Dogwifhat (WIF), Fartcoin (FARTCOIN), and Popcat (POPCAT) have all shed billions of value. It’s like, the apocalypse is here! 🌪️

And finally, Solana’s network activity has declined, with the number of active addresses dropping to 81.6 million. That’s like, a big ol’ drop in the bucket! 🌊 Weekly active users have fallen to 135 million, down from last year’s high of 135 million. It’s like, the market is saying, “Hey, we’re done with Solana! Take it or leave it!” 🚫

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2025-02-25 17:56