Solana News: SOL Faces Hurdles in Rebound Attempt as Price Consolidates Below Key Levels
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Solana (SOL) Struggles to Rebound
Solana (SOL) has started a fresh decline below the $165 zone and is now consolidating losses. The price is struggling to recover above the $145 resistance and is currently trading below $150 and the 100-hourly simple moving average. There was a break below a short-term rising channel with support at $144. SOL declined below the $162, $150, and even $140 support levels, with the recent low formed at $132. The price has recovered some losses but faces hurdles in clearing the $180 resistance.
Solana DEX Volumes Surpass Ethereum’s Despite Drop in Meme Coin Trading
VanEck’s February crypto report revealed that Solana’s decentralized exchange (DEX) volumes have shown resilience, even briefly surpassing Ethereum’s ecosystem, including its Layer 1 (L1) and Layer 2 (L2) networks. SOL’s price increased by 191% in 2024, with on-chain revenues growing by 700%. Solana’s low transaction fees, averaging $0.05 compared to Ethereum’s $1.27, have contributed to its ability to handle high trade volumes efficiently. Meme coin trading has been a major contributor to Solana’s revenue, accounting for approximately 80%.
What is the Native Token of the Solana Blockchain?
The Dropee Question of the Day asks users to identify the native token of the Solana blockchain. By providing the correct response, users can unlock special rewards such as in-game currency, unique items, or other benefits. This daily challenge ensures that users stay active on the platform and have a fresh experience each day.
Solana Co-Founder Opposes SOL Inclusion in Trump’s Crypto Strategic Reserve
Solana’s co-founder Anatoly Yakovenko has expressed concern about SOL being included in President Trump’s proposed US Crypto Strategic Reserve. Yakovenko stated on his social media that in his “order of preference,” there would be “no reserve.” Despite this, Solana’s price stabilized around $142.8 on Friday after falling nearly 20% earlier in the week.
