February's Solana

Solana posted double-digit declines this week, despite its competitors BNB and Ethereum rising more than 11% and 5% respectively.
Solana saw a rise in early 2024, hitting a high of over $118. However, it has encountered resistance over the past week and has declined by 10.12%, currently trading around $99.80.
This downtrend has increased selling pressure and some analysts suggest that the price could fall below the $100 support level. SOL has fallen 5.07% over the past 24 hours. Notably, trading volume has increased 27.26% to $2.6 billion over the same period.
Solana and Avalanche are the only two altcoins among the top 15 cryptocurrencies to lose more than 12% over the past week. The market’s volatility was underscored by the total liquidations of over $300 million in the last 24 hours alone, of which over $220 million came from sellers unloading their positions.
Analysts have identified notable trends in Solana activity on the blockchain, including a nearly 30% drop in active addresses from a peak of $1.02 million to $691,000 in recent weeks. In addition, its trading volume has fallen nearly 20%, according to CoinMarketCap. This decline in activity and interest contributes to the bearish outlook for the token.
The effects of Solana’s decline extend to the meme coin ecosystem, where there is significant volatility. Among them is BONK, which saw its value drop by more than 15% over the week. The second largest meme coin on the Solana blockchain, dogwifhat (WIF), which hit an all-time high last week, has since fallen nearly 30%.