Solana Token Falls to $150 as Traders Shift Focus to New Meme Coin
Sam Cooling
In the latest update on June 12, 2024, at 16:33 EDT, the price of Solana (SOL) is plummeting due to a decline in non-vote network transactions, leading many retail traders to declare the end of the Solana meme coin season.
This article will analyze the current price trends of SOL and explore whether a new GameFi project, PlayDoge, presents a more promising investment opportunity at this time.
Solana has been a popular choice for retail investors recently, but it seems that exhausted meme coin traders are now turning their attention away from the 2024 standout. The increase in transactions on the Solana Network peaked at 873.17M non-vote transactions in February but has since dropped to levels not seen since June 2021.
This decrease indicates that Solana retail traders may be fatigued, with capital and confidence potentially dwindling in Q2. As the crypto market experiences a broader retreat and investors focus on the summer season, the highly anticipated Q3 may see stimulus from Federal Reserve rate cuts and changes in Bitcoin supply dynamics.
The halving event is already impacting Bitcoin miners as subsidy rewards decrease post-halving, leading to a rapid sell-off by miners facing financial pressure. This situation is a clear indication of the impending supply shock effect.
The volatility in Bitcoin prices, coupled with miners under pressure, is affecting the strength of Solana, with retail traders’ confidence in Bitcoin’s price trajectory remaining uncertain. As SOL price drops to $150, the focus is now on whether it can regain momentum in Q2.
Despite the recent correction, SOL is trading at $159, showing a 7.08% increase in the last 24 hours. While Solana bulls aim to push the price towards the all-time high of $259, the current levels indicate progress, with ongoing price action testing resistance below $200.
The positive development of SOL price holding above $150 in a bullish pendant pattern despite market downturns is encouraging. However, uncertainties remain due to shaky confidence in Bitcoin prices and the decline in Solana non-vote network transactions.
As investors prepare for potential losses in the summer, one project gaining momentum is PlayDoge (PLAY), a GameFi sensation that has raised $4 million in just two weeks. The nostalgic Tamagotchi-style project has captured the attention of retail investors worldwide, offering a 233% APY staking return for early-bird presale investors.
With high expectations for PlayDoge’s future growth and potential 100x return, it presents a unique opportunity for investors looking to hedge against market fluctuations in Q2.
