Solana (SOL) price has dropped to its lowest level since November 6th, marking a 46% decrease from its peak in February. This decline coincides with major challenges in the ecosystem and weakness in cryptocurrency prices. Within just one month, Solana’s market cap plummeted from $25 billion in January to $9.8 billion. Data from TokenTerminal shows that the number of active Solana network users hit the lowest level since October 7th, and the trading volume of SOL tokens on decentralized exchanges also saw a 36% decrease. The daily price chart of Solana indicates a strong downward trend on the verge of a widespread token unlock, forming a Death Cross pattern. Crypto News predicts SOL price to reach $110, the lowest level since August last year, which is about 30% below the current level. Breaking the $200 level will invalidate this bearish outlook.
