Solana price slips below key trend support despite memecoin resurgence — is $120 next?

💡 DMK Insight

Solana’s recent price drop to $122.48, despite a surge in meme-driven activity, raises eyebrows. This disconnect suggests traders might be skeptical about the sustainability of the hype. Meme coins often attract short-term traders, but SOL’s fundamentals need to support any price recovery. Watch for key support around $120; a break below could trigger further selling pressure. Conversely, if SOL can reclaim the $125 level, it might attract more serious investors looking for a bounce. Keep an eye on trading volume as well; a spike could indicate a shift in sentiment. The broader crypto market’s volatility could also impact SOL, especially if Bitcoin or Ethereum experience significant price movements. If these major players see a downturn, SOL might follow suit despite its meme activity. So, while the meme buzz is fun, it’s crucial to assess whether the underlying fundamentals can hold up under pressure.