Here’s why Solana Price can soon crash 40%

Solana’s price pulled up after increased to $ 295 as an ecosystem and a broader crypto industry lost momentum.

Solana (Salt) fell to a psychological level of $ 200, marking a drop of 35% of the highest points this year.

This withdrawal is greatly due to bitcoin (Btc) Other Altcoins are back back. Bitcoin fell from this year’s 109,200 USD at below $ 99,000, it enacted to the tokens in Solana Ecosystem.

According to Coingecko, the total market caps of all salons Meme coins He refused from over $ 25 billion in January to $ 12 billion. Most of these tokens, including Bonk, Dogvifhat, Pudgi Penguins, and Fartke, have dropped by more than 30% in the last 30 years.

Further data show that Solana’s decentralized trading volume of exchange fell in recent days while investors go out of the coin Meme. The trading volume dropped by 25% in the last seven days to $ 41.6 billion. Raidium, Meteor and life in the same period in the same period saw its weekly decline in volume for over 30% in the same period.

Solana’s non-fungal token sales also fell in the last 30 days. Toward KryptoslamThis sale has dropped by 36% in the last 30 days to $ 75 million.

More information also shows a hat number of active wallet in the network to 3.8 million, up to 6.5 million in January.

Solan price forecast

The daily shows that the Solic price reached the peak of $ 295.05 in January and crossed the technical bear market, falls by about 35%. Solana also crossed below 50-day and 25-day exponential average changes.

It moved below the 25-day and 50-day exponential average average, a sign that bears receive control. Salt also moved below 23.6% of the fibonacchy level of retraction. It is applicable that the coin formed a double sample to $ 265, and whose neckline is at $ 170.

The double top is a widely recognized bear rotating form in technical analysis. The fall below the neckline and lower bounds of the ascending channels will confirm further, potentially push the price at 61.8% in $ 120, which represents 40% drop in current levels.