Is Solana's Price Plummeting Faster Than Your Last Relationship? 😱

Oh dear, Solana’s network activity is fading faster than my will to go to the gym! Transaction fees have nosedived to a six-month low. 💸
Unless we see a miracle rebound, Solana might be in for a price correction deeper than my existential crisis. 😬

So, Solana [SOL] has hit a seven-month low, losing the $120 support like it’s a bad habit, with a 10% weekly decline. Ouch! 😢

Thanks to the FTX unlocking, we’re seeing a flood of supply and weak hands exiting stage left. Clearly, the sell-side pressure is throwing a party, and everyone’s invited! 🎉

Not to mention, no strong demand zones have popped up on Solana’s 1D price chart since it fell from $270. It’s like waiting for a bus that never comes—deeper corrections are almost a guarantee. But wait, the drama might not be over yet! 🎭

Solana’s network activity hit multi-month lows

Solana’s network activity is fading faster than my memory of last weekend, with transaction fees plummeting to a six-month low of 53,800 SOL last week—an 85% drop from January’s peak during the TRUMP and MELANIA meme coin frenzy. Who knew memes could be so volatile? 🤷‍♀️

With fewer traders on-chain, demand for SOL is shrinking like my patience during a long meeting. Solana’s Total Value Locked (TVL) has also dropped to $8.15 billion from $14.50 billion in mid-January. Major liquidity exit alert! 🚪💨

The impact is more than just fees—active addresses have dropped 35% to 3.8 million. It’s like a party where everyone leaves before the cake is served. 🎂

With Solana’s network activity on a decline, no key demand zones on its price chart, and massive unwinding in both Futures and DeFi trade, holding $120 is looking as likely as me winning the lottery. 😅

Is a deeper drop to new yearly lows next? Stay tuned! 📺

Key levels to watch

The factors above align with SOL’s 55% price drop since mid-January, just a day after hitting its $270 all-time high. Talk about a rollercoaster ride! 🎢

The surge in Solana’s network activity driven by the TRUMP and MELANIA memecoin frenzy has clearly faded. It’s like a one-hit wonder that nobody remembers. 🎤

With the crypto market shedding over $200 billion and Bitcoin sliding below $80K, high-cap assets like SOL are struggling to hold key levels. It’s a tough crowd out there! 😩

Sell-side liquidity has driven $40.75 million in long liquidations, reinforcing the downside pressure. It’s like watching a slow-motion train wreck. 🚂💥

Given weak on-chain demand on Solana network, heavy liquidations, and continued unstaking, SOL risks extending losses toward $100 – $112—especially if Bitcoin fails to reclaim critical support. Yikes! 😳

This level previously acted as a strong demand zone a year ago, sparking a rebound to $180. But now? It’s looking more like a distant memory. 🥴

However, given the deterioration in Solana’s network activity and the broader risk-off sentiment, a FOMO-driven recovery seems as likely as me becoming a professional dancer. Not happening! 💃

2025-03-11 20:11

Is Solana’s Price Plummeting Faster Than Your Last Relationship? 😱

Solana’s network activity hit multi-month lows

Key levels to watch

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