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Solana – Will institutions help SOL after 50% drop in memecoin activity?
The recent market downturn has seen Solana’s value plummet by more than 50%, as its DEX volumes fell by a staggering 50% in March, dropping from $193 billion to $97 billion. This sharp decline in activity has led to a significant decrease in demand for SOL transactions across the ecosystem, resulting in a price drop of 53% from $240 to $100.
Despite this bearish trend, Solana has managed to attract more institutional interest. The real estate platform Janover announced plans to acquire Solana validators and create a treasury strategy, while SOL Strategies, another institution, had over 3 million SOL staked across its validators in March. This increased institutional demand could potentially boost SOL’s value in the long term.
However, the altcoin may be at the mercy of broader market sentiment in the short term. Traders are pessimistic about SOL crossing $150 in the first half of April, with only 10% expecting it to hit this level by the end of the month. Additionally, the daily chart RSI has yet to tap into oversold territory – a sign that sellers could still drag it lower.
From a technical perspective, SOL seems to be defending its slopping trendline support. However, a further decline to $80 cannot be ruled out.
Source: https://ambcrypto.com/solana-will-institutions-help-sol-after-50-drop-in-memecoin-activity/
