The trading prices of Solana have continued to face rejection from higher levels and market capitalization has reached $80.29 billion with a decline of 11 percent and trading of $5.3 billion with a surge of 74 percent.
As per experts, there are several reasons that might be fueling a bearish sentiment in Solana prices, but the launch of a memecoin project based on SOL chains is termed as one of the primary reasons.
Why is Solana becoming the 1st preference of memecoin projects?
In the past few months, the Solana chain has gained huge attention, and thousands of projects have debuted on the market, leveraging the SOL blockchain. One major reason why Solana chain opts for its features and specifications is that it helps a person to develop, deploy, and distribute a memecoin with an easy process.
Solana stands at the top of the list in terms of scalability and charges fewer fees over the development, deployment, and transaction or any other thing concerning memecoins. However, the surging number of projects over the SOL ecosystem has resulted in congestion and even network failure.
In 2024, it was reported several times that the Solana chain was facing huge traffic due to the number of projects and their unwanted trading volume.
Solana price analysis
After the intraday decline, Solana is now trading below 50, 100, and 200 days EMA at $$167.38, and in the intraday frame, it highest traded at $186.62 and lowest traded at $163.77.
Data available on TradingView notes SOL’s price mirrored a loss of 37% in the past 30 days and 30% in a quarter. It is worth noting that the all-time high of SOL is $294.33, which was recorded on January 19, 2025, and its lowest traded price since its launch is $0.5052.
Despite the huge decline in the past few weeks, Solana holds 6th rank among all cryptocurrencies in terms of market capitalization. And the number of total addresses on the Solana chain continues to grow now there are 3877749 active wallets, and in the past 30 days, the new accounts reached 23,824,802.
The transaction handling capability of the Solana chain has reached 4,377.15 with a loss of 2.01 percent, and 1446 validators participated in the validation process in the past 24 hours.
Crypto market price updates
When writing, the crypto market cap was $3.15 trillion with a loss of over 2%, and at the same time, the trading volume was $98 billion with a growth of 38%. Bitcoin lost 0.95 percent of its price now at $95,062, the market cap was below the $2 trillion mark with a loss of 2.12%.
According to CoinMarketCap, the intraday gainers list has been ruled by Maker trading at $1,111.51 with a growth of 11.98%, followed by Mantle, Bittensor, and DeXe. On the other hand, the losers are Jito, Jupiter, Dogwifhat, Bonk, and Solana, among a few others.
