Today the solana (SOL) prices have dropped. This is primarily due to the network isn’t as busy generally and nobody is as enthralled about memecoins. September 10 has been challenging for SOL trying to keep over $140. It has developed astonishingly 642% in the past year.
Among them are pumps, airdrobs, and recollections. Solana’s value improved last time, probably from a good event. March 2023, SOL exceeded $210.
People’s excitement for Solana-based currencies has dropped over the past month, so their value has also dropped. Though more well-known, Lido (-6%), Book of Meme (-8%), and Bonk (BONK) have lost 14%.
One could observe this trend in the market. DappRadar says that last month the Pump. Fun download count decreased seventy percent.
Right now, $11.47 million. Currently, there are about 900,590 agreements 30% less than in past years. Tracking Solana blockchain daily, Dune Analytics shows a dramatic decline from 20,465 on August 13 to just 1,678 by September 10.
On August 25 the Solana network was valued at $5.48 billion; on September 10 it dropped to $4.77 billion.
Solana Faces Challenges With Declining Activity And Moving Average Resistance
This represents a 13% decline. More DefiLlama investigation turned out this loss. Less users and coders seem to be utilizing the network. Less people demand SOL tokens as a result, which affects their price.
For Solana’s price, important moving average resistance aggravates things. The EMA for 200 days is $139; for 50 days it is $143; for 100 days it is $147. Given SOL has broken through it several times since March 2024, the 200-day EMA at $139 stands noteworthy.But it has recorded declining highs time and over, indicating growing sales pressure.
SOL breached all these EMAs, hence the price stayed the same during the breaks. As the multiple lows indicate, this level must be breached if the price is to rise once more.
SOL has to keep prices high and beat these moving averages if we are to start afresh. They also have to review the $140 cap.
Solana is only worth less than $140 since network activity is declining in addition to memecoin interest. Those who buy and sell goods and services are quite eager to see if SOL can resolve issues and maintain its reputation.
