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CoinDesk 2025-05-31 10:04:31

Solana's SOL Dips 5% Amid Fading Memecoin Trading Activity on Network

Solana's SOL Dips 5% Amid Fading Memecoin Trading Activity on Network

Solana (SOL) fell more than 5% over the past 24 hours, rattled by geopolitical tensions and waning memecoin activity on its network. The token dropped from $163.72 to a low of $154.99 as a combination of market uncertainty and declining network revenue put pressure on its price. The decline coincides with a broader crypto market correction triggered by the U.S. Court of International Trade’s reversal on Trump’s tariff suspension, which reignited trade concerns and spooked investors. Memecoin revenue from the once-popular Pump.fun platform has also nosedived since early April, weakening one of Solana’s key transaction drivers. News Background Solana Labs on Friday introduced the Solana AppKit, an open-source React Native toolkit designed to let developers build iOS and Android apps on the Solana blockchain in about 15 minutes. The kit integrates 18+ protocols, including embedded wallets powered by providers like Privy, Dynamic, and Turnkey, and supports Mobile Wallet Adapter for Solana Mobile. It also offers direct swaps and copy trading features, powered by Jupiter Exchange, along with integrations from Raydium and Pump.fun, aiming to boost app functionality and user engagement within the Solana ecosystem. Price-Action Technical analysis shows SOL forming a double-top pattern near $184.50, breaking below key Fibonacci support levels. The SOL/ETH trading pair also collapsed below a rising wedge, with some analysts warning of a potential 40% drop relative to Ethereum if network activity fails to recover. Standard Chartered added to the caution, suggesting that unless Solana can diversify beyond memecoins, its price could continue to underperform. Meanwhile, long liquidations have increased, contributing to the bearish pressure. Despite these headwinds, some traders remain optimistic, noting that SOL is still within a broader bullish structure if it can hold the $150-$160 support range. A sustained hold at these levels could pave the way for a potential recovery toward $200, though failure to do so may trigger further declines toward lower support zones. Technical Analysis Recap SOL dropped from $163.72 to $154.99, a 5.33% decline over the past 24 hours. Price action highlighted increased volatility, with an overall range of $11.87 (7.24%). A key resistance level was established at $161.84 during a heavy sell-off at 16:00, accompanied by above-average volume (2.52M). Support emerged at $152.37, with high-volume buying (1.81M) at 01:00. The pattern of lower highs and lower lows underscores the ongoing bearish trend. Recovery attempts were modest, with SOL needing to reclaim $157 for short-term momentum. A local bottom formed at $154.37 at 07:17, followed by a small rally to $155.36. Strongest buying pressure was recorded at 07:54 with a volume spike of 10,295 units. Price retraced to $154.97 in the final minutes, suggesting a possible short-term support zone. As traders weigh Solana’s next move, the market will be watching closely to see if the token can hold above critical support levels or if bearish momentum will push prices lower. Disclaimer: Portions of this article were generated with the assistance of AI tools and reviewed by CoinDesk’s editorial team for accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.

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