Solana, who was once the most popular, is now facing a cruel reality. The price fell from the high of $240 to below $100, not only falling below the psychological mark, but also setting a new low in more than a year. Behind this plunge is not only the collapse of market sentiment, but also the structural changes in ecological fundamentals.
Memecoin is no longer fragrant, Solana is liquid in exhaustion?
One of Solana's biggest drivers, memecoin's trading craze is receding.
According to Blockworks, the total DEX trading volume on Solana fell from $193 billion to $97 billion in just one month, 50%. The Memecoin sector is even worse, falling from 60 billion to 26 billion US dollars, which means the popularity is directly extinguished.
what does that mean?
The core demand logic of SOL – transaction-driven Gas consumption is collapsing. Once the ecological popularity is broken, SOL's value support will also shake.
The institution is here, can it provide a guarantee?
Although retail investors are tired of meme, Solana is attracting another important player - institutional capital.
SOL Strategies: More than 3 million SOLs are pledged and the market value exceeds US$400 million. At the end of March, he purchased 24,000 pieces again, with a total holding of 267,000 SOL.
Janover: Announces entering the Solana validator business, developing an exclusive SOL financial strategy, and pushing its stock JNVR to soar 800%.
These actions sent a signal: the agency believes that SOL has a long-term chance and is picking up chips at the bottom.
But it should be noted that institutions are not philanthropists. They only enter the market to build positions when they are "bloody flowing", and they often plan in advance, not pulling up the market, but absorbing funds.
Technical: Can you hold on to $100, or look at 80?
Judging from the chart, SOL is testing the trend line support for the rising slope, but RSI has not yet entered the oversold range, indicating that the bears still have room for downward pressure.
Market data shows:
Among options traders, only 10% are optimistic that SOL will be able to return $150 by the end of April.
The greater probability is that SOL continues to consolidate or even falls into the US$80 area to truly complete the clearance of the selling pressure.
Centralized Perspective: The biggest variable of SOL, not price, but "narrative"
SOL has never been just an L1, it is one of the few public chains that can support "another story outside of Ethereum". Now this story is stuck.
The decline of Memecoin means that the Solana community’s “voice” is weakening, and the entry of institutions is expected to open up a new narrative. But from the perspective of trading logic, this is still a pain period that takes time to digest.
So the next key are two questions:
Will new hot applications (such as AI, gaming Fi, RWAs) appear in the ecosystem?
Can institutional funds support a new transaction narrative?
Summarize:
SOL halved from the high point, mainly because of the plummet memecoin activity, which led to liquidity faults.
Institutions are buying low and building positions, but they are more for medium- and long-term layout rather than short-term protection.
Technically, if it falls below the trend line support, the next target is $80.
If there are no new hot narratives, the rebound can only be restored naturally by the market.
Do you think SOL can turn over with institutions, or is it just another "smart money escape channel"? Talk about your views on Solana in the comment section, and raise your hand
I need to add a trend chart or chip distribution chart, or I can also say it.
#sol #The United States imposes tariffs #Giant Whale Trends #HARD #ctxc $XRP $SOL $BNB
