Solana News: Cryptocurrency Faces Intense Selling Pressure, Erasing Post-Election Rally Gains

Solana, once a leader in the altcoin market, has recently experienced a significant downturn, erasing all gains from the post-election rally and sparking concerns about its long-term sustainability.

Solana Faces Intense Selling Pressure, Erasing Post-Election Rally Gains

Solana has recently experienced intense selling pressure, trading at its lowest levels since November 2024 and erasing all the gains from the post-election rally. Once a leader in the altcoin market, Solana is now facing serious risks as the meme coin euphoria fueling its rise has turned into a bloodbath, sparking concerns about its long-term sustainability. The speculative frenzy around meme coins drove massive transaction volumes and liquidity to the Solana ecosystem, but as the hype fades, the impact is weighing heavily on SOL’s price action.

Pudgy Penguins NFT Collection Launches PENGU Token on Solana

The crypto community has been buzzing about Pudgy Penguins, the NFT collection that turned from a whimsical concept into a multimillion-dollar sensation. After selling out their 8,888 unique penguin avatars in minutes, they expanded their empire by launching the PENGU token on Solana in December 2024. This move aimed to enhance fan engagement and broaden the brand's reach, resulting in a market capitalization of over $2.65 billion, surpassing other Solana meme coins. Early investors who seized the opportunity reaped significant rewards.

Solana (SOL) Price Prediction for February 19

The recent performance of Solana (SOL) indicates growing bullish sentiment, with a 1.55% price increase over the last 24 hours to $171.86. Robust trading volumes suggest active participation from both retail and institutional investors. The RSI for SOL is currently NEAR neutral levels, indicating potential for momentum to build. A further increase in buying pressure may lead to a short-term pullback.

Solana Falls 32% as Experts Say One Thing Has SOL Eyeing $400

Solana has faced a bearish drop, losing 40% of its value, but experts believe it could surge to $400. The token reclaimed the $170 mark, jumping 4.49% by midday, potentially setting the stage for a notable surge. The question remains whether it can reach its full potential after the fall at the start of the week.