Solana price crashed for two straight days as the ongoing crypto market sell-off hit its meme coin ecosystem.

Solana (SOL) dropped to $127 on Saturday, down by 15% from its highest point this week. It has dropped to its lowest level since March 2021.

The decline happened as most Solana meme coins crashed, erasing most of the gains made earlier this week. Fartcoin (FARTCOIN) crashed by 15% on Saturday, while popular tokens like Popcat (POPCAT), ai16z (AI16Z), and Bonk (BONK) fell by over 10%.

The market cap of all Solana meme coins tracked by over 10% to $7.2 billion. This drop means that these tokens have erased over $18 billion in value in the last few days.

Third-party data shows that crypto traders bought the Solana meme coin rally earlier this week. 

According to DeFi Llama, Solana’s DEX volume soared by 60% in the last seven days to over $3 billion. This volume was higher than Ethereum (ETH) and BSC, which handled $11.35 billion and $8.9 billion, respectively. It was the first time in weeks that Solana’s DEX protocols did better than the two.

Most of Solana’s DEX volume came from Pump, which handled over $2.8 billion worth of transactions. It beat other popular DEX networks like Orca, Meteora, Raydium, and Lifinity, which have long had a big market share.

Solana had some other positive news this week. The most notable one was that Blackrock, the biggest asset manager globally, expanded BUIDL, its money market fund, to the network. This is a notable development since BUIDL’s assets have surged to over $1.86 billion. 

Solana price technical analysis

The daily chart shows that Solana coin has plunged in the past few months, moving from January’s high of $295.45 to $126. Most recently, it has formed a bearish flag pattern, which is made up of a tall vertical line and a rectangle. 

Solana also formed a death cross pattern on March 4 as the 50-day and 200-day moving averages flipped each other while pointing downwards. 

Therefore, a combination of a death cross and a bearish flag points to a strong breakdown, potentially to $100. For this to happen, it will need to plunge below the support at $120, where it has failed to drop below several times since April last year. 

 tHESSSSSSStHE The XRP price continues to face challenges in sustaining support at $2 during the recent market period. The bearish trend exists, yet XRP continues to stay above its essential support level. Investors now explore alternative cryptocurrencies because of declining interest in XRP. The crypto that is promising to buy includes CRO alongside EOS, PI, and SOL, which present strong investment possibilities.

Crypto to Buy: Cronos (CRO)

The cryptocurrency market recognizes Cronos (CRO) as one of the cryptos to watch today because of its increased vitality and expanding user base. In the last 24 hours, CRO experienced a 5% increase, which brought it to $0.1036. The token holds a position among the highest-performing assets. 

The major partnership between CRO and Donald Trump’s Truth Social platform became recently public. CRO investors will soon have access to a fresh ETF focusing on the cryptocurrency. Market analysts predict this token will have a robust rally throughout the current market cycle because of the recent developments.

Eos (EOS)

EOS price maintains $0.5752 support position at a vital entry point which market analysts track for potential breakouts. Market watchers identify the asset as a key observation because breaking out from this position could generate a bullish price movement reaching between 65% and 80% The trading volume keeps rising which indicates increasing buying pressure and developing momentum. 

The noticeable traits of EOS Network as a high-performance open-source blockchain platform include its focus on flexibility and security and developer-friendly design, along with its emphasis on scalability and user experience making it among the crypto to buy.

Pi Network (PI)

Pi price is trading at $0.8224 PI price is among the top altcoins to buy as investors are eyeing recover. The Pi Network price crashed in March as it lacked a clear bullish catalyst and as the market remained concerned about its burn rate. The Pi coin crashed to a low of $0.83 on Friday, meaning it collapsed by over 65% in March. 

A potential exchange listing by Binance in April could catalyze the Pi Network’s price. Other notable exchanges that may drive its price higher are South Korean giants such as Upbit and Bithumb and US companies like Coinbase, Kraken, and Gemini.

Solana (SOL)

Solana (SOL) price is gaining traction amid a broader market correction as Bitcoin trades below $88,000 and Ethereum stays under $2,000. SOL recently dipped to $129 but remains crypto to watch, especially with XRP struggling to hold above $0.62.

According to analysts on X, $125 stands out as a key support zone for Solana in the short term. Despite current pressure, speculation tied to ETF and overall sentiment may trigger a SOL rebound this week making top altcoin to buy now. The 24-hour trading volume for Solana stands at $3.43 billion, showing an 18.77% increase.

Final Thoughts

 As XRP price faces resistance, these cryptos to buy now, including CRO, EOS, SOL, and PI, could see growth potential in the current market.

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Anna

Annah enjoys writing about cryptocurrency and blockchain technology. With More than 5 years of experience. For years she has followed their development and now believes these technologies could potentially revolutionize many industries. She has specialized in technical analysis to help cryptocurrency traders make more informed decisions.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.