Solana Price Prediction: Dead Or Just Resting After A 12% Drop?

Solana's price dropped 12.3% in seven days, falling from a peak of $290 to $170 within a month. The $290 peak was attributed to hype around the $TRUMP token launch, and analysts consider it an outlier. The overall crypto market has been declining since December 17, 2024, impacting Solana's price. Concerns around the $LIBRA token and rumors of insider trading at Solana-based platforms have added to negative sentiment. Despite this, meme coins still make up 67% of Solana's decentralized exchange (DEX) trading volume, currently at $3.2 billion daily, down from recent highs but above the two-month low of $3.7 billion in late December 2024. Solana's price has been following a descending triangle pattern since November 22, 2024, suggesting potential further decline. Currently trading at $170, some analysts view the dip as a buying opportunity.