Solana (SOL) price has been struggling below $200, currently down nearly 13% over the past 30 days. Despite strong momentum in previous months, recent indicators suggest a weakening trend, with bearish signals dominating the charts.
The Ichimoku Cloud, ADX, and price action all point to ongoing challenges as SOL fails to reclaim key resistance levels. However, if buying pressure returns and SOL can break above $209, a path toward $219 and even $244 could open up.
Users Discuss Solana Meme Coin Scams and Usage
Solana has been under scrutiny following the launch of LIBRA, a controversial meme coin promoted by Argentina’s president, Javier Milei.
The aftermath of this potential pump-and-dump led many users to question specific Solana applications, such as Meteora and Pumpfun. The community is also concerned about whether the blockchain itself has peaked in terms of adoption and price.
Some users, like the popular artist Gino Borri, argue that Solana apps like Jupiter, Pumpfun, and Meteora extract value from users through scams. This raises concerns about how projects operate within the ecosystem.
“Radio silence from Solana leadership as their community gets scammed multiple times a day in the Mass Extraction Olympics sponsored by Jupiter, Meteora, and PumpFun,” Gino Borri posted on X (formerly Twitter).
Others, like DefilLama contributor 0xngmi, have shared data on the amount of value taken from meme coin trading on the chain.
“Calculated the total extracted from memes on solana. Trading bots & apps: $1.09 billion; pump.fun: $492 million; MEV: $1.5-2 billion; Trump insiders: $0.5-1 billion; AMMs: $0-2bn; Total: $3.6 to $6.6+ billion” 0xngmi wrote.
However, Mert, CEO of Helius, a Solana infrastructure provider, counters that the high number of scams is a byproduct of Solana’s scale rather than an inherent flaw.
He suggests that widespread usage naturally attracts bad actors, similar to what has happened in other major blockchain ecosystems.
“Hopefully, the last I’ll say on this: crypto is full of speculation -> speculation leads to rugs -> Solana scales crypto -> so there are more rugs on Solana. All chains with sufficient activity will have tons of this as crypto gets bigger and regulation matures — and they’ve all had it historically btw (ICOs, NFTs, etc). This is a transient period. The solution is better launch mechanisms, better regulation, and better norms. When you do all of that it, it will get better but it will never go away as long as there are humans on the other side,” Mert Mumtaz wrote on X.
Solana Indicators Are Still Bearish
The Ichimoku Cloud chart for Solana shows a bearish outlook, with price trading below the cloud and key indicators suggesting weak momentum.
The conversion line (blue) is below the baseline (brown), indicating short-term weakness. Additionally, the cloud ahead remains red, suggesting continued bearish sentiment.
For SOL price to regain bullish momentum, it would need to break above the cloud resistance around $198 and sustain a move beyond $200.
If SOL fails to reclaim key levels, the downward pressure could persist.
A shift in trend would require SOL to push above both the conversion and baseline lines, alongside increasing volume to confirm bullish strength. Until then, price action remains under bearish control.
Solana’s Average Directional Index (ADX) is currently at 12.4, down from 22.3 three days ago. ADX measures trend strength, with values above 25 indicating a strong trend and below 20 suggesting a weak or no trend.
The drop in ADX signals that Solana’s current downtrend is losing momentum, but it has not yet reversed.
A low ADX reading like 12.4 suggests that the ongoing downtrend lacks strong directional pressure. While this could mean that selling pressure is weakening, it also indicates that SOL price lacks the strength for a meaningful reversal.
For a bullish shift, ADX would need to rise above 20 while price action shows signs of recovery, such as higher highs and higher lows. Until then, SOL remains vulnerable to further downside or consolidation.
SOL Price Prediction: Will SOL Reclaim $209 Soon?
Solana has been struggling to reclaim levels above $205, consistently dropping below $200 when failing to break that resistance.
If SOL tests the $187 support again and fails to hold, it could extend losses toward $175, signaling further weakness.
On the other hand, if Solana price regains the strong momentum seen in previous months and enters a clear uptrend, it could push toward the $209 resistance.
A breakout above that level would open the door for a rally to $219, and if bullish strength continues, SOL could even revisit $244.
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