Solana

Raydium

DeFi

MEME

Solana continued its downward trend, falling for four consecutive days as a sea of red engulfed the crypto industry. 
Solana (<a href="https://crypto.news/price/solana/" target="_blank">SOL</a>), the fifth-biggest cryptocurrency, retreated to $135 on Thursday, Oct. 3, its lowest point in over three weeks. It has also moved into a local correction, falling by 16% from its highest level last week. 
Its sell-off coincided with the ongoing retreat of most Solana meme coins. Dogwifhat (<a href="https://crypto.news/price/dogwifhat/" target="_blank">WIF</a>) has dropped in the last three consecutive days. Other tokens like Popcat (<a href="https://crypto.news/price/popcat/" target="_blank">POPCAT</a>), Cat in a dogs world (MEW), and Book of MEME (BOME) have all retreated. According to <a href="https://www.coingecko.com/en/categories/solana-meme-coins" target="_blank" rel="nofollow">CoinGecko</a>, the market cap of all Solana meme coins retreated by 7% to $7.8 billion. 
More data shows that Solana has continued to gain market share in the <a href="https://crypto.news/what-is-a-decentralized-exchange-dex/" target="_blank">decentralized exchange</a> industry. According to <a href="https://defillama.com/dexs/chains/solana" target="_blank" rel="nofollow">DeFi Llama</a>, the weekly volume handled in its ecosystem has risen by 46% to $9.25 billion, making it the second-biggest player after Ethereum, which processed tokens worth $9.6 billion. 
Most of the gains were in Raydium, whose volume rose by 71% to $4.3 billion. It was followed by Orca, Phoenix, and Lifinity, which processed transactions worth $3.1 billion, $933 million, and $734 million, respectively.&nbsp; 
Additionally, Solana’s ecosystem is doing well as the total value locked rose to over $5.06 billion, the highest point since 2022. Six of the biggest networks like Jito, Kamino, Jupiter, Marinade, and Raydium have achieved a $1 billion in TVL.&nbsp; 
 You might also like: <a rel="" href="https://crypto.news/6-solana-protocols-crossed-1b-tvl/"> 6 Solana protocols crossed $1b TVL </a> 
The ongoing Solana sell-off is mostly due to rising geopolitical risks. The NYT <a href="https://www.nytimes.com/2024/10/02/world/middleeast/iran-missile-attack-israel-war.html" target="_blank" rel="nofollow">reported</a> that Israel was considering launching a war with Iran. Such a war will likely stir inflation, pushing central banks to slow down on interest rate cuts. 
<h2 class="wp-block-heading" id="solana-price-could-form-a-death-cross">Solana price could form a death cross</h2> 
<figure class="wp-block-image size-full">
 <img loading="lazy" decoding="async" width="3574" height="1982" src="https://crypto.news/app/uploads/2024/10/Solana-Price.png" alt="Solana price" class="wp-image-14301447">
 <figcaption class="wp-element-caption">
 Solana price chart | Source: <a href="https://www.tradingview.com/symbols/SOLUSD/?exchange=COINBASE" target="_blank" rel="nofollow">TradingView</a>
 </figcaption>
</figure> 
The daily chart shows that the Solana price has formed a series of lower highs and lower lows since March. It has also found a strong support at $121.65, where it struggled to move below since April 12. 
Solana is approaching the 50% Fibonacci Retracement level, while the 200-day and 50-day Exponential Moving Averages are about to form a death cross. Such a formation would likely trigger more sell-off, with the initial target being at $121.65. A break below that level will validate the bearish breakout and lead to more downside.&nbsp; 
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Solana price nears death cross as weekly DEX volume rises 46%

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