Solana price just hit a stomach-churning dip. A 12.3% plunge in seven days has traders buzzing—is this the end for the blockchain once dubbed an “Ethereum killer”?
The numbers tell a tale of turbulence: Solana peaked at $290 only to crash to $170 within a month, per CoinGecko data. However, data and analysts suggest Solana price might just be catching its breath.
A Wild Ride Fueled by $TRUMP
Solana’s climb to $290 wasn’t business as usual. It rode a wave of hype tied to the $TRUMP token launch . That rally? A blip.
The frenzy faded fast, and Solana slid back to $170 . Analysts call the $290 peak an outlier, driven by speculative fever rather than steady growth. The drop that followed has stung, but it’s not the full story.
Zoom out, and Solana’s not alone in the red. The total crypto market cap has been sliding since December 17, 2024.
TradingView data shows it’s locked in a descending channel—a bearish pattern signaling tough times. This market-wide downturn has dragged Solana down too. It’s not just a Solana problem; it’s a crypto problem.
FUD Hits Hard
Solana’s facing its own headaches. Argentina’s $LIBRA token launched amid skepticism is sparking doubts about its legitimacy.
Then there’s chatter about insider trading at Solana-based platforms Jupiter and Meteora. No hard proof has surfaced, but the rumors—circulating since late December 2024—have spooked investors. Fear, uncertainty, and doubt (FUD) are piling on the pressure.
Meme Coins Keep the Pulse Beating
Critics warn Solana’s meme coin bubble might pop. meme coins drive 50-70% of its decentralized exchange (DEX) trading volume—a big deal for the network.
But the bubble’s still intact. meme coins account for 67% of Solana’s DEX volume, hitting $3.2 Billion daily, as per BlockworksResearch data .
Solana DEX Volume by Trading Pair | Source: Blockworks Research
That’s down from recent highs but above the two-month low of $3.7 Billion set in late December 2024. Trading volume dipped after the $TRUMP peak on January 19, 2025, yet it’s holding steadier than historical lows.
Technically, Solana’s in a bind. Since November 22, 2024, its price has traced a descending triangle—a pattern hinting at more downside, per market charts.
SOL/USDT Chart | Source: TradingView
The $TRUMP-fueled breakout in November briefly pierced that ceiling, but the rally fizzled. By mid-January 2025, Solana was back in the triangle, and it is currently trading at $170.
Analysts like @KyleReidhead on X argue that the dip is “an opportunity to buy this cycles best performing asset at a 45% discount.”
Solana Price Prediction: Not Dead Yet
Is Solana finished? The underlying numbers say no. A 12.3% drop stings, but meme coin trading—67% of DEX volume—shows life.
Daily volume at $3.4 Billion as of February 20, 2025, isn’t a death knell. The broader market’s descending channel since December 17, 2024, explains some pain.
FUD around $LIBRA and insider trading rumors hurt, but Solana’s metrics hold up. Analyst @KyleReidhead sees the dip as a market overreaction, not a collapse. Solana’s resting, not buried—though the road ahead isn’t guaranteed. Keep an eye on the charts.
