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Solana meme coins have been dropping sharply in the past 30 days as rising tensions in the Middle East have put pressure on cryptocurrencies.
Official Trump (TRUMP) has emerged as the worst-performing token of this group with 30-day losses of 35.1%, followed by Bonk (BONK) and Fartcoin (FARTCOIN), which have lost 31% and 26%, respectively, during this period.
At some point, these tokens had a combined market value of more than $12 billion. However, data from CoinGecko shows that their market cap has dropped to $9.6 billion.
Other headwinds that have impacted this category include some deleveraging resulting from the latest drop.
Data from CoinGlass indicated that the long/short ratio of accounts holding futures for these meme coins was quite high, meaning that the market was too bullish.
Market makers take advantage of this ‘one-sided’ positioning and push the price lower to blow up leveraged long positions and trigger a long squeeze.
Same as what happened to tokens like Pudgy Penguins (PENGU) and Popcat (POPCAT) recently, if the current downturn is strong enough to break below some critical supports, this could trigger a huge downward move.
Surprisingly, some tokens have been resilient to the downturn, like SPX6900 (SPX), which has booked 30-day gains of 57.8% as its price nearly tripled recently.
Solana Could Drop Below $140 as DEXs Book 7.7% Drop in Weekly Volumes
Solana decentralized exchanges (DEXs) have experienced a 7.7% drop in weekly trading volumes as interest in meme coins has been waning.
However, these platforms have been pushing forward new initiatives to keep meme coin traders engaged. For example, Raydium recently presented LaunchLab, a Pump.fun-like solution that lets users create meme coins seamlessly with just a few clicks.
This Solana-based DEX announced this week an incentive program that will distribute rewards of up to 100,000 RAY per week to eligible meme coins created through this solution. This kind of initiative will keep strengthening Solana’s reputation as the home of this token.
The daily price chart for Solana (SOL) shows that the token has bounced off the $140 support level temporarily for the fourth time. This indicates significant interest from buyers to scoop up the token at this level.
However, the token’s short-term exponential moving averages (EMAs) are still on a downtrend. This favors a bearish outlook and could anticipate a break below $140 at any given point.
For now, the key resistance to watch is the $155 area. A move to this level could mark the beginning of some sort of recovery for Solana, but only a bullish breakout would confirm a trend reversal.
The market’s bearish momentum has not slowed down the pace at which the best crypto presales like Bitcoin Hyper (HYPER) are raising capital. This Bitcoin layer-2 protocol has raised more than $1 million from investors less than a month after its presale kicked off.
Bitcoin Hyper Unlocks the Potential of Bitcoin’s DeFi Ecosystem
Bitcoin Hyper (HYPER) leverages the power of the Solana Virtual Machine (SVM) to foster a new era for BTCFi.
This project is designed to receive BTC tokens in a canonical address that will be monitored 24/7 by a Bitcoin bridge. Once a deposit is received, the corresponding amount of Bitcoin will be minted automatically in the Bitcoin Hyper L2.
Decentralized apps (dApps) that offer liquid staking, yield farming, lending, payments, and other similar services can now be built on this L2, allowing users to generate passive income from their BTC tokens safely.
Once this project becomes widely adopted and promoted by top wallets and exchanges, the demand for $HYPER will skyrocket.
To buy this token at its discounted presale price of $0.01195, head to the Bitcoin Hyper website and connect your wallet. You can either swap USDT or ETH or use a bank card to make your investment.
