Why is Solana (SOL) struggling to break past $140? Despite a
remarkable 642% rise over the past year, the excitement around memecoins and
airdrops is fading fast. With transaction volumes plummeting and key moving
averages acting as barriers, many are left wondering if SOL can regain its
momentum or if it's stuck in a downward spiral. Solana's (SOL) price has
encountered significant challenges in maintaining levels above $140 since
September 10\. Despite demonstrating buying interest at the $125 support
level, the price remains stagnant compared to a month ago. Several factors
contribute to this decline, including a waning market enthusiasm for
Solana\-based memecoins and a notable drop in transaction volumes. The
impressive price surge that propelled SOL to $210 in March 2023 now appears
unsustainable, leading to corrections across various Solana\-based
cryptocurrencies. Recent data highlights a substantial
decrease in activity on the Solana network. The volume on the Pump.fun
platform has plummeted by 70% over the past month, while the number of
transactions has fallen by 30%.
Furthermore, the total value locked (TVL) on the Solana network has decreased
by 13%, indicating a decline in user
engagement. This reduction in activity has resulted in diminished demand
for SOL tokens, further exerting downward pressure on its price. Analysts
suggest that SOL's price could recover if it can successfully breach key
resistance levels. The 200\-day exponential moving average (EMA) currently
sits at $139, with the 50\-day and 100\-day EMAs at $143 and $147,
respectively. However, previous attempts to surpass these levels have resulted
in lower highs, indicating persistent sell\-side pressure. In summary,
Solana's price struggles are closely tied to decreased market activity and
formidable resistance levels. Without a significant uptick in user engagement,
SOL may continue to face challenges in regaining its upward momentum. As the
market evolves, stakeholders will be keenly watching for signs of recovery and
renewed interest in the Solana ecosystem.

Why Is Solana's Price Struggling Today?