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For months, the cryptocurrency market has been affected by the meme coin frenzy on the Solana 
$165 network. One of the reasons for diminishing liquidity in altcoins has been the presence of fraudulent tokens with pump and rug pull narratives on platforms. Consequently, the price of SOL Coin has taken a downward turn due to the emergence of these scams.
Decline in Solana’s Price
SOL Coin continues to drop, experiencing nearly a 9% decline primarily due to controversial players within the network. The LIBRA incident has led the crypto community to express anger towards Solana, resulting in an increase in short positions. As this article is being prepared, SOL is trading at around $168.
TraderXO commented on the current situation: “I see sellers gaining control after the price passed a level (180 $) where I wanted to see a reaction. The weekly RSI is trading below the 50 level for the first time this year, which adds weight to the natural weakness in the context.”
Jelle is focusing on the notable weakness in the BTC pair, indicating, “SOL/BTC is breaking below the fundamental support, but it needs to go for 2d15h before the candle closes. I would wait for the candle to close before drawing conclusions.”
If discussions regarding the Solana network continue to escalate, the losses could accelerate further.
Commentary on Bitcoin (BTC)
Today marks the beginning of FTX refunds, and we might see Trump discussing crypto with Musk. As mentioned on Sunday, the FOMC minutes coming this Wednesday and the upcoming U.S. PCE data are likely to keep pressure on the markets.
Poppe reiterated that deep corrections of 30-40% are now behind us. “Bitcoin 
$106,086 is still consolidating in the lower regions of the range. I believe we will see it turn soon; if we reach the lower limits, that’s where you want to step in. I don’t think we will see a deep correction of 30-40% in these markets.”
As this article is prepared, BTC is priced at $95,700, while ETH has fallen below $2,700, giving back yesterday’s gains.
