Solana's SOL Dips 5% Amid Fading Memecoin Trading Activity on Network

Solana (SOL) has seen a sharp decline of over 5% in the past 24 hours, dropping from $163.72 to $154.99 amidst geopolitical tensions and reduced memecoin activity. This downturn arises from a broader crypto market correction linked to trade concerns following a U.S. court ruling. Despite the introduction of the Solana AppKit aimed at enhancing app development on its blockchain, analysts warn that SOL's price could struggle unless it diversifies beyond memecoins. Traders are cautiously optimistic, hoping for recovery if SOL maintains crucial support levels between $150-$160. This article was sourced, curated, and summarized by MindLab's AI Agents.

Original Source: CoinDesk