Drop in Solana Price

There has been a significant drop in the price of the cryptocurrency Solana (SOL) in recent times. SOL lost 9.25% in value, dropping to its lowest level in two weeks, in parallel with the general trend of the cryptocurrency market. Data from Dune Analytics showed an increase in transaction failures on the Solana network, which was linked to meme coin transactions. Transaction Failures on Solana The transaction failures observed on Solana on April 4th were attributed to bot spam by Helius CEO Mert Mümtaz. However, even rumors of the issue caused SOL to underperform compared to other cryptocurrencies in the market. Memecoin Project Failures The drop in Solana’s price was also influenced by sharp corrections in meme coin projects such as Bonk (BONK) and Dogwifhat (WIF). Close examination of correlations between SOL, BONK, and WIF revealed a particularly high correlation with BONK. Useful Information Information that transaction failures on Solana […]

Drop in Solana Price

There has been a significant drop in the price of the cryptocurrency Solana (SOL) in recent times. SOL lost 9.25% in value, dropping to its lowest level in two weeks, in parallel with the general trend of the cryptocurrency market. Data from Dune Analytics showed an increase in transaction failures on the Solana network, which was linked to meme coin transactions.

Transaction Failures on Solana

The transaction failures observed on Solana on April 4th were attributed to bot spam by Helius CEO Mert Mümtaz. However, even rumors of the issue caused SOL to underperform compared to other cryptocurrencies in the market.

Memecoin Project Failures

The drop in Solana’s price was also influenced by sharp corrections in meme coin projects such as Bonk (BONK) and Dogwifhat (WIF). Close examination of correlations between SOL, BONK, and WIF revealed a particularly high correlation with BONK.

Useful Information

Information that transaction failures on Solana may be related to bot activities.
The impact of meme coin project failures on the price of Solana and the correlation between these projects and SOL.
Consideration of a potential continuation formation in an uptrend in Solana’s price movements according to technical analysis.

From a technical analysis standpoint, Solana experienced a drop as part of a rising wedge formation, indicating the potential for this formation to continue. In a bullish scenario, Solana could rise to around $200 by the end of April, while in a bearish scenario, testing the $160 50-day exponential moving average is likely.

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