{"id":685626,"date":"2025-01-29T15:30:24","date_gmt":"2025-01-29T15:30:24","guid":{"rendered":"https:\/\/wncen.com\/?p=685626"},"modified":"2025-01-29T13:45:44","modified_gmt":"2025-01-29T13:45:44","slug":"solana-still-wants-lower-as-meme-coins-face-a-major-shakeout-analyst","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/solana\/solana-still-wants-lower-as-meme-coins-face-a-major-shakeout-analyst\/","title":{"rendered":"Solana \u2018Still Wants Lower\u2019 As Meme Coins Face A Major Shakeout \u2013 Analyst"},"content":{"rendered":"

Solana has faced significant downward pressure in the past few days, dropping over 15% as the broader crypto market experiences a selloff driven by speculation and uncertainty. Meme coins, which have been a major catalyst for Solana\u2019s recent growth, are now seeing massive losses, raising concerns about the blockchain\u2019s short-term outlook. With meme coin projects struggling, Solana\u2019s ecosystem is taking a hit, as these tokens have contributed significantly to its transaction volume and network activity.<\/span><\/p>\n

Related Reading: Dogecoin Whales Accumulate 450 Million DOGE During Recent Price Dip \u2013 Time For A Breakout?<\/a><\/div>\n

Top analyst IncomeSharks shared a technical analysis on X, revealing that Solana still has room to go lower, attributing the decline to a major flush in the meme coin sector. The hype that fueled Solana\u2019s price rally in previous weeks is fading, and liquidity is drying up as traders take profits or cut losses. If Solana fails to hold key support levels, another leg down could follow.<\/span><\/p>\n

While long-term sentiment remains bullish<\/a> for Solana, the short-term price action suggests that volatility will persist. Investors are closely watching whether Solana can stabilize or if further downside is imminent. The coming days will be crucial in determining whether this correction is just a dip or the start of a deeper pullback.<\/span><\/p>\n

Solana Facing Selling Pressure\u00a0<\/span><\/h2>\n

Solana is trading at a key level after enduring days of selling pressure and heightened volatility. As one of the most popular blockchains for meme coin<\/a> creation and trading, Solana has benefited from surging speculative interest in these assets. When meme coins perform well, Solana tends to see increased demand, boosting its price. However, the current market conditions are unfavorable for meme coins, leading to a significant downturn in Solana\u2019s price performance compared to other altcoins.<\/span><\/p>\n

Top analyst IncomeSharks shared a technical analysis on X<\/a>, stating that Solana\u2019s price still wants to go lower as meme coins face a major flush. The broader crypto market has entered a period of uncertainty, and meme coin hype is fading as liquidity dries up. This has created additional selling pressure on Solana, as traders exit high-risk positions.<\/span><\/p>\n

\"Solana
Solana facing serious risk | Source: IncomeSharks on X<\/a><\/figcaption><\/figure>\n

Solana has dropped over 15% in the past week, failing to hold critical support levels as bearish sentiment takes over. The price recently dipped below $230, erasing weeks of gains. IncomeSharks sets a bearish target around the $200 mark, a level not seen since January 16. If Solana fails to hold above $220, the selloff could accelerate, driving the price toward the next major support zone.<\/span><\/p>\n

Related Reading: Bitcoin Finally Turns $100K Into Support \u2013 Ready To Rally Higher?<\/a><\/div>\n

However, not all analysts are bearish. Some traders believe Solana\u2019s dip is a temporary retrace rather than the start of a prolonged downtrend. If buyers step in around the $220-$225 range, Solana could stabilize and attempt a recovery. A push back above $250 would indicate renewed strength, with bulls aiming for a return to previous highs.<\/span><\/p>\n

Price Action Details: Showing Strength<\/span><\/h2>\n

Solana (SOL) is trading at $231 after enduring days of selling pressure and increased volatility. The price reached an all-time high of approximately $295 on January 19, but since then, SOL has faced a sharp 25% decline in less than ten days. This significant drop has raised concerns among traders and investors, as Solana struggles to find strong support amid broader market uncertainty.<\/span><\/p>\n

\"SOL
SOL testing crucial liquidity | Source: SOLUSDT chart on TradingView<\/a><\/figcaption><\/figure>\n

For bulls to regain control and reverse the short-term bearish trend, SOL must hold above the current levels and push past the $244 mark. Breaking above this resistance would indicate renewed buying pressure and confirm a potential trend reversal. If SOL manages to reclaim this level, a surge toward $260 could follow, signaling a recovery phase.<\/span><\/p>\n

Related Reading: Ethereum Poised To Test $2,800 Support Level If Market Downtrend Persists \u2013 Analyst<\/a><\/div>\n

However, failure to maintain support above $230 could lead to further downside. A break below this critical level would expose SOL to deeper losses, with the next major support zone around the $200 mark. A decline to this level would mark an even steeper correction, potentially erasing more of its recent gains.<\/span><\/p>\n

Featured image from Dall-E, chart from TradingView<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Solana has faced significant downward pressure in the past few days, dropping over 15% as the broader crypto market experiences a selloff driven by speculation and uncertainty. Meme coins, which have been a major catalyst for Solana\u2019s recent growth, are now seeing massive losses, raising concerns about the blockchain\u2019s short-term outlook. With meme coin projects struggling, Solana\u2019s ecosystem is taking a hit, as these tokens have contributed significantly to its transaction volume and network activity. Related Reading: Dogecoin Whales Accumulate 450 Million DOGE During Recent Price Dip \u2013 Time For A Breakout? Top analyst IncomeSharks shared a technical analysis on X, revealing that Solana still has room to go lower, attributing the decline to a major flush in the meme coin sector. The hype that fueled Solana\u2019s price rally in previous weeks is fading, and liquidity is drying up as traders take profits or cut losses. If Solana fails to hold key support levels, another leg down could follow. While long-term sentiment remains bullish for Solana, the short-term price action suggests that volatility will persist. Investors are closely watching whether Solana can stabilize or if further downside is imminent. The coming days will be crucial in determining whether this correction is just a dip or the start of a deeper pullback. Solana Facing Selling Pressure\u00a0 Solana is trading at a key level after enduring days of selling pressure and heightened volatility. As one of the most popular blockchains for meme coin creation and trading, Solana has benefited from surging speculative interest in these assets. When meme coins perform well, Solana tends to see increased demand, boosting its price. However, the current market conditions are unfavorable for meme coins, leading to a significant downturn in Solana\u2019s price performance compared to other altcoins. Top analyst IncomeSharks shared a technical analysis on X, stating that Solana\u2019s price still wants to go lower as meme coins face a major flush. The broader crypto market has entered a period of uncertainty, and meme coin hype is fading as liquidity dries up. This has created additional selling pressure on Solana, as traders exit high-risk positions. Solana has dropped over 15% in the past week, failing to hold critical support levels as bearish sentiment takes over. The price recently dipped below $230, erasing weeks of gains. IncomeSharks sets a bearish target around the $200 mark, a level not seen since January 16. If Solana fails to hold above $220, the selloff could accelerate, driving the price toward the next major support zone. Related Reading: Bitcoin Finally Turns $100K Into Support \u2013 Ready To Rally Higher? However, not all analysts are bearish. Some traders believe Solana\u2019s dip is a temporary retrace rather than the start of a prolonged downtrend. If buyers step in around the $220-$225 range, Solana could stabilize and attempt a recovery. A push back above $250 would indicate renewed strength, with bulls aiming for a return to previous highs. Price Action Details: Showing Strength Solana (SOL) is trading at $231 after enduring days of selling pressure and increased volatility. The price reached an all-time high of approximately $295 on January 19, but since then, SOL has faced a sharp 25% decline in less than ten days. This significant drop has raised concerns among traders and investors, as Solana struggles to find strong support amid broader market uncertainty. For bulls to regain control and reverse the short-term bearish trend, SOL must hold above the current levels and push past the $244 mark. Breaking above this resistance would indicate renewed buying pressure and confirm a potential trend reversal. If SOL manages to reclaim this level, a surge toward $260 could follow, signaling a recovery phase. Related Reading: Ethereum Poised To Test $2,800 Support Level If Market Downtrend Persists \u2013 Analyst However, failure to maintain support above $230 could lead to further downside. A break below this critical level would expose SOL to deeper losses, with the next major support zone around the $200 mark. A decline to this level would mark an even steeper correction, potentially erasing more of its recent gains. Featured image from Dall-E, chart from TradingView<\/p>\n","protected":false},"author":617,"featured_media":685638,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[84543],"tags":[12837,83626,92246,90998,89405,85361,91900,89777,83627],"class_list":["post-685626","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-solana","tag-sol","tag-solana","tag-solana-analysis","tag-solana-meme-coins","tag-solana-news","tag-solana-price","tag-solana-selling","tag-solana-selloff","tag-solusdt"],"acf":[],"yoast_head":"\nSolana \u2018Still Wants Lower\u2019 As Meme Coins Face A Major Shakeout \u2013 Analyst<\/title>\n<meta name=\"description\" content=\"Solana (SOL) drops 15% amid meme coin selloff. Analyst IncomeSharks predicts further downside. 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Analyst IncomeSharks predicts further downside. 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His initial exploration focused on understanding the intricacies of various crypto projects, particularly those focused on building innovative financial solutions. Through countless hours of research and learning, Sebastian developed a deep understanding of the underlying technologies, market dynamics, and potential applications of cryptocurrencies. To share his insights with others, Sebastian became an active contributor to online discussions on platforms like X and LinkedIn. His focus on fintech and crypto-related topics quickly established him as a trusted voice in the online crypto community. Sebastian's goal was to educate and inform his audience about the latest trends and insights in the rapidly evolving crypto landscape. To further enhance his expertise, Sebastian pursued a UC Berkeley Fintech: Frameworks, Applications, and Strategies certification. 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