Solana Under 200 USD, Should We Worry?

Is Solana's performance just a flash in the pan or just chaos? In any case, volatility has struck again as SOL sharply dropped below $200. Traders, initially very excited, are starting to sweat as the trading volume on the chain drops by 28% in a week. A brutal adjustment, driven by the end of excitement for memecoin and the decrease in transaction fees. But hope still remains, especially with speculation around an ETF for immediate settlement. Solana is slowing down: Is the network speed decreasing? Solana news: network can't escape the storm. In a week, its transaction volume has dropped to 31.8 billion dollars, a decrease of 28%.

The memecoin frenzy has subsided, leading to a significant decline in some valuable cryptocurrencies in this category: Dogwifhat (WIF): -60%;Goatseus Maximus (GOAT): -67%;MooDeng (MOODENG): -69%;Peanut the Squirrel (PNUT): -72%;Just a Chill Guy (CHILLGUY): -75%. This sudden change is reflected in Solana's decentralized applications, with significant decreases: -47% for Orca and Phoenix, -27% for Raydium. But be careful with hasty conclusions: Ethereum, BNB Chain, and other blockchains are also experiencing similar declines. Analyst Alex Svanevik reminds us that Solana outperforms Ethereum on several key metrics, especially in terms of active addresses and transaction volume. The cryptocurrency market is under pressure, Solana is seeking recovery. While Solana is in chaos, the cryptocurrency market in general is still under pressure. The main perpetual futures contract indicator shows a negative funding rate for SOL since February 2, a sign that enthusiasm is waning. But one detail could change everything: expectations for a Solana spot ETF, could attract capital from institutions. Trader IconNick analyzes the situation: "SOL is trying to recover in the 180-190$ range, but the real challenge is between 210 and 220$" You determine the main levels: Support at 190-195$; Resistance level at 210-220$; Key level at 240$. Currently at $195, the price of SOL is walking on a tightrope. To break the downtrend, the price needs to rise back to $210. Otherwise, sellers may take over and aim to return to the $190 target. Despite the storm, Solana has not yet had the last word. The increasing adoption and the prospect of an ETF could fuel the fire. VanEck's optimism shows an ambitious target: $520 this year. We still have to wait and see whether SOL can regenerate itself or will be bogged down.