Solana News: DeFi Tuna Returns Investment from Kelsier Ventures Amid LIBRA Scandal

Following the recent LIBRA token scandal, DeFi Tuna, a Solana-based decentralized finance protocol, has decided to return the funding it received from Kelsier Ventures. This move comes as Solana's price continues to validate a bearish pattern, with the $200 resistance level holding strong.

DeFi Tuna Returns Investment from Kelsier Ventures After LIBRA Scandal

DeFi Tuna, a Solana-based DeFi protocol, has decided to return the funding received from Kelsier Ventures following the recent LIBRA token scandal. Kelsier Ventures, which was found to be the main entity spreading LIBRA, had also backed three crypto startups. DeFi Tuna only accepted $30,000 from Kelsier and plans to retain most of its recent fundraising round.

Solana Price Validates Bearish Pattern as $200 Resistance Holds Strong

Solana has struggled to maintain upward momentum, experiencing a significant price decline that has led to further uncertainty in the market. The network activity has slowed considerably, with active addresses falling to a five-month low. This reflects waning investor confidence as holders pull back from engaging with the network. The lack of growth or recovery in price action over the past two weeks has likely caused investors to adopt a more cautious stance. Without meaningful growth or a clear bullish signal, investors may continue to hold back.

Solana (SOL) Price Dips Over 10% – Is It a Healthy Correction or Trend Reversal?

Solana (SOL) has started a fresh decline from the $200 zone, with prices dipping over 10%. The recent low was formed at $174 and SOL is now trading below $185 and the 100-hourly simple moving average. A connecting bearish trend line is forming with resistance at $182 on the hourly chart. If bulls can clear the $185 zone, SOL/USD may start a fresh increase. However, SOL has been underperforming compared to Bitcoin and Ethereum.

Solana Price Crashes 40% From January High as Meme Coin Bubble Bursts

Solana (SOL) has experienced a significant downtrend, retracing heavily over the past month. The asset has declined by 40% since its all-time high of $293 on January 19th, and the trend appears to be continuing as the meme coin mania fades. SOL has further dropped by 8% on the day, falling below $170 for the first time since early November. Solana's popularity and high usage in recent months were primarily driven by meme coin minting and speculation, but this activity has started to decline. Many investors flocked to the low-cost blockchain to mint and promote meme coins on platforms like Pump.fun, but most of these tokens had no real utility and were often part of pump-and-dump schemes.