There is a breakdown in Solana (SOL): Will the decline continue?

Solana (SOL), which showed an effective performance with the Memecoin craze, lost its value by succumbing to the retreat in the market.

With the wind behind Memecoin, SOL touched $ 210 a few days ago, making both its ecosystem and investors happy. The sharp rise of memecoins on the Solana network was a driving force for the pair. However, the decline of Bitcoin (BTC) dealt a blow to the market, especially SOL. SOL, which has been maintaining its upward momentum for days, retreated to $170 with this development. While we are holding our breath for the major coin, which levels will come to the fore?

## If Memecoins don't recover, Solana will be in danger!

Interest in Memecoins has pushed the SOL price up significantly. The increased trading volume on DEXs increased the demand for the popular coin, gradually pushing the price upwards. The collapse of memecoins, which are the architects of the rise process, has naturally increased sales-oriented transactions. The major coin, which saw a sales wave after falling below $ 200, may retreat to $ 148.63 - 130.30 and $ 117, respectively, if it cannot maintain $ 168.58 as a support level.

Memecoins rising and increasing the need for Solana DEXes, BTC settling above $65,000, or any positive news about the Solana ecosystem may push the price up. In such a scenario, a move towards $186.57 – $198.63 and $217.78 may occur, respectively. A break above the recent peak at $217.78 would herald a new bull run.

As BTC turned its direction downward, eyes turned to the LEFT. This decline of SOL, which had a very effective bull season, confused people. The next price movements of the popular coin, which is in an unstable region in terms of both technical and fundamental analysis, are eagerly awaited. In addition, a possible rise in Solana could give confidence to memecoins and provide money flow to the market.