Solana Stumbles on Meme Coin Chaos—But Technicals Hint at a Powerful Rebound

Solana's blockchain just got sideswiped by meme coin mania—again. Trading volumes spiked, network fees rocketed, and the SOL token took a 15% hit. But don't write off this Ethereum rival yet.

The Chart Whisperers See Green

RSI dipping into oversold territory. A textbook falling wedge pattern on the 4-hour chart. And that key $120 support level holding like a bouncer at a VC afterparty. This could be the setup for a violent squeeze.

VCs Still Loading Bags

Insiders whisper a16z and Paradigm are accumulating SOL derivatives while retail panics. The network's actual throughput? Still smoking Layer 2s—when it's not clogged with dog-themed shitcoins.

One trader's 'dead chain' is another's discount entry. Just ask the hedge funds now quietly rotating out of 'institutional-grade' ETH into high-beta alts. Crypto never changes—only the narratives do.

SOL price analysis as a bullish flag forms

The daily chart shows that Solana price has tumbled from $187 in May to $140 today, June 21. The 50-day and 100-day moving averages have formed a mini death cross pattern, often leading to more downside. 

It has also dropped below the 23.6% Fibonacci Retracement, while the Relative Strength Index and the MACD have pointed downwards, suggesting further retreat.

On the positive side, Solana has formed a bullish flag pattern, consisting of a vertical line and a descending channel. Therefore, there is hope that SOL price will bounce back in the next few weeks. Such a rebound will be confirmed if it rises above the 100-day moving average at $156, which coincides with the upper side of the flag channel.