Solana News: SOL Price Drops Below $160, Bearish Trend Continues with Weakening Investor Confidence

Solana (SOL) has been experiencing a significant downturn in its price, falling below the $160 mark for the first time since November 2024. The cryptocurrency is currently trapped in a bearish trend, with little upward momentum visible on the horizon. market sentiment remains negative, and on-chain metrics have declined, indicating weakening investor confidence.

Solana Price Drops Below $160, Bearish Trend Intensifies

Solana (SOL) has seen a significant price downturn, falling below $160 for the first time since November 2024. The cryptocurrency is trapped in a bearish channel with little upward momentum. Market sentiment is negative, exacerbated by decreasing network activity and increasing selling pressure. On-chain metrics have declined, with DEX activity dropping for five consecutive weeks, indicating weakening investor confidence. Solana faces competition from Ethereum, which is gaining market attention.

Solana Falls 50% from All-Time High Amid Declining Meme Coin Trading

Solana (SOL) has retraced more than 50% from its all-time high of $295 in January, driven by declining meme coin trading activity. The cryptocurrency has had its worst monthly performance since the FTX collapse, falling 38% in the last 30 days. Pump.fun, Solana`s memecoin trading platform, has seen a significant decrease in trading volume, with data showing a 94% drop in a single day. As of Feb. 26, 8.1 million tokens have been minted on Pump.fun, generating $577 million in fees.

JUP Buyback Surge: Jupiter’s Strategic $3.33M Move on Solana DEX

Jupiter (JUP), a leading decentralized exchange (DEX) on Solana, has initiated its first buyback program worth $3.33 million. Over the past 17 hours, 4,885,370 JUP tokens have been repurchased at an average price of $0.683, sending ripples through the crypto market. On-chain analysts are closely monitoring this strategic move, which could have significant implications for Jupiter, Solana, and the broader DeFi landscape.

Solana Price Faces Significant Drop, Heading Below $100

Solana (SOL), the native cryptocurrency of the Solana blockchain, experienced intense downward pressure after a report by Crypto Beast revealed that Binance was selling off its entire holdings of Solana. This news caused a rapid drop of over 8% in SOL’s price within 24 hours, trading at approximately $143 at the time of writing. The significant decline was accompanied by a 130% spike in trading volume, indicating heightened market activity but not necessarily a bullish sign.