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<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/solanas-price-drop-and-market-dynamics/" data-wpel-link="internal">Solana’s Price Drop and Market Dynamics</a><br></p>
<p class="p1" style="text-align: justify"><strong><a href="https://en.coin-turk.com/solana-sol-price-expectations-analyst-claims-solanas-potential-is-underestimated/" data-wpel-link="internal">Solana</a>‘s</strong> price today dropped by 9.25%, reaching a two-week low of $168. This decline is part of a broader downturn in the cryptocurrency market, which saw an overall decline of 3.8% on April 5. So, what can be expected for Solana, which was trading at $175 at the time of writing? Let’s examine.</p> 
<h2 class="p1" style="text-align: justify" id="what-s-happening-on-the-solana-network">What’s Happening on the Solana Network?</h2> 
<p class="p1" style="text-align: justify">Recent <strong>Dune Analytics</strong> data shows a significant increase in <a href="https://en.coin-turk.com/solanas-bonk-coin-gains-traction-with-robinhood-eu-listing/" data-wpel-link="internal">memecoin</a> transaction failures on the Solana network. On April 4, more than 75% of non-voting transactions failed, indicating the highest failure rate observed. Helius CEO and Solana supporter Mert Mümtaz contested the narrative of a 75% transaction failure rate in an April 4 post, arguing that a large portion of these failed non-voting transactions were due to bot spam.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-337934 size-full" src="https://coin-turk.com/wp-content/uploads/2024/04/dune.webp" alt="" width="1846" height="798"></p> 
<p class="p1" style="text-align: justify">In other words, Dune Analytics data may not necessarily indicate a systemic issue with Solana’s functionality. However, rumors alone turned <a href="https://en.coin-turk.com/tracking-solanas-price-levels-what-to-watch-for/" data-wpel-link="internal">SOL</a> into a low-performing player on April 5 compared to the rest of the crypto market.</p> 
<h2 class="p1" style="text-align: justify" id="memecoin-projects-join-the-downturn">Memecoin Projects Join the Downturn</h2> 
<p class="p1" style="text-align: justify">The drop in Solana’s price coincides with sharp corrections in top memecoin projects like Bonk (BONK) and Dogwifhat (WIF). WIF and BONK dropped approximately 13.2% and 9%, respectively, in the last 24 hours. The most significant loser among memecoin projects was the newly launched Cat in a Dogs World (MEW) memecoin, which fell by 30% during this period.</p> 
<p class="p1" style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-337933 size-full" src="https://coin-turk.com/wp-content/uploads/2024/04/memecoin.webp" alt="" width="1376" height="1002"></p> 
<p class="p1" style="text-align: justify">The positive correlation with memecoin projects in the Solana ecosystem has strengthened recently. For example, the daily correlation coefficient between SOL and BONK was 0.83 on April 5.</p> 
<p class="p1" style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-337932 size-full" src="https://coin-turk.com/wp-content/uploads/2024/04/solusd.png" alt="" width="2670" height="1310"></p> 
<p class="p1" style="text-align: justify">Meanwhile, the daily correlation coefficient with WIF was around 0.53, highlighting these projects’ impact on Solana’s current market dynamics.</p> 
<h2 class="p1" style="text-align: justify" id="solana-chart-analysis">Solana Chart Analysis</h2> 
<p class="p1" style="text-align: justify">From a technical analysis perspective, today’s price drop in <strong>Solana</strong> could be part of a pullback within the dominant ascending triangle range shown below. Ascending triangles in an uptrend are seen as continuation formations and suggest a high chance for Solana (SOL) to rebound from the formation’s lower trend line. This potential recovery could set SOL’s price on a trajectory towards the upper trend line of the triangle, targeting approximately $200 by the end of April, a 16.5% increase.</p> 
<p class="p1" style="text-align: justify"><img loading="lazy" decoding="async" loading="lazy" class="aligncenter wp-image-337931 size-full" src="https://coin-turk.com/wp-content/uploads/2024/04/sol-yorum.png" alt="" width="2668" height="1314"></p> 
<p class="p1" style="text-align: justify">A decisive breakout could position SOL’s price at a primary upward target of $240. This level is measured by adding the maximum height of the triangle to the upper trend line. Conversely, a drop below the lower trend line of the triangle invalidates the continuation setup, risking a path for SOL’s price towards its 50-day exponential moving average (50-day EMA; red wave) around $160 by the end of April, a 9.5% decrease.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/solanas-price-drop-and-market-dynamics/" data-wpel-link="internal">Solana’s Price Drop and Market Dynamics</a></h5>

Solana’s Price Drop and Market Dynamics

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