Solana’s SOL price slides 5% amid weakening memecoin activity on the network.

Solana’s SOL Drops 5% as Declining Memecoin Activity Dulls Network Demand

Solana’s native token, SOL, fell approximately 5% amid a notable decrease in memecoin trading on its blockchain, signaling softer demand and subdued market enthusiasm. The dip comes as broader crypto markets react to ongoing macroeconomic uncertainties.

SOL traded near $154 following a high above $162 earlier in the day. The downturn in memecoin volume, which has been a significant driver of Solana’s network activity, contributed to the price pullback.

Despite recent upgrades designed to enhance developer engagement and network scalability, SOL has struggled to maintain momentum, as investor focus shifts away from speculative tokens.

Technical analysis highlights resistance around $160, with immediate support found in the $152-$155 zone. Current trends indicate sellers maintaining control, though some short-term rebounds near support levels are possible.

Market watchers suggest that SOL’s near-term trajectory depends heavily on renewed user activity within the ecosystem and overall crypto market conditions.

Technical Summary:

• SOL declined roughly 5% over 24 hours, fluctuating between $163 and $154.
• Resistance confirmed near $160.
• Support firming up between $152 and $155.
• Bearish momentum persists, though slight recoveries may occur near support.

The token’s performance in coming sessions will hinge on how quickly memecoin interest and broader market confidence return.