Solana Token Plummets to $150 as Traders Flock to New Meme Coin

Solana (SOL) price is tumbling amid a sudden drop in non-vote network transactions, with many retail traders labelling Solana meme coin season over.

This article will provide an analysis of SOL’s current price trends and look to see whether an innovative new GameFi project, PlayDoge , represents a more promising investment opportunity at this time.

It’s no secret that Solana has become the hotspot for retail investors over the past few months; however, in a surprise move – seemingly exhausted meme coin traders appear to be shifting their attention away from the 2024 poster boy.

Looking at On-Chain data , the dramatic increase in transactions on the Solana Network, which maxed out at 873.17M non-vote transactions in February, appears to have dwindled back down to low levels not seen since June 2021.

This suggests that Solana retail traders are completely fatigued, with fresh capital or potentially confidence exhausted in Q2.

Amid a broader retracement across the crypto market and with investors shifting their attention to the Summer sun, it could be a long wait for the highly anticipated Q3, which should see stimulus from Federal Reserve rate cuts and the biting edge of the recent adjustment in Bitcoin supply dynamics.

Indeed, the Halving Event can already be seen pressuring Bitcoin Miner’s bottom line as subsidy rewards plummet post-Halving, fuelling a quick-fire sell-off by miners eager to make ends meet – a tell-tale sign of the impending supply shock effect.

The wider impact of Bitcoin price volatility in the midst of miners under pressure is having an obvious knock-on impact on the strength of Solana – with retail’s short-time frame confidence in Bitcoin’s price trajectory still standing albeit shaken.

 

SOL Price Analysis: As Solana Price Tumbles Down To $150 – What’s Next in Q2?

As SOL price battles the volatile drop, Solana is currently trading at a market price of $159 (representing a 24-hour change of +7.08%)

As Solana bulls continue to push on a slow march up towards the 2-year-old all-time high at $259, current levels mark poignant progress. Ongoing price action is testing resistance below the critical psychological level at $200.

Following the dramatic -23.3% SOL localized price correction over the past few days, price action appears to be finding a foothold above the lower support level established at $150.

This is a positive development, with SOL price retaining a bullish pendant pattern despite the market downturn.

All eyes are now on the ongoing effort by Solana bulls to reclaim support above the 20DMA’s lifeline (currently $156).

Further examination via indicators highlights the need for Solana to consolidate above $150; the latest move over the past 4-hours to flip the 20DMA has left the RSI in a minor bearish divergence at 54.99.

However, fundamental headwinds emerge from shaky confidence in Bitcoin price and the drop in Solana non-vote network transactions – leading some to question whether there is truly capacity for SOL price to crack $200 in Q2.

Indeed, with this overhead risk of an extended decline throughout the summer, smart money investors are repositioning their portfolios to weather the worst of the losses in anticipation of explosive Q3 launches for presale tokens.

And amid all the opportunities, one project is gaining viral traction as retail investors shift away from Solana meme coin gambles to early-bird positioning for the next bull run phase.

Meet PlayDoge (PLAY) – The Viral GameFi Sensation Stealing The Spotlight in Q2 – Jaw-Dropping $4M Raised in 2 Weeks

There’s nothing gamers love more than reliving their childhood gaming nostalgia; indeed, some of the biggest video game titles released in recent years have been remasters of some of the biggest games in the space.

Another open secret is that crypto traders love Shiba Inu, and dogs more generally – in fact, there’s an entire vertical of meme coins known professionally as ‘dog coins’.

So, considering these two components, it is no surprise that the nostalgic Tamagochi-style GameFi project PlayDoge has unlocked unhinged viral success for its recently launched PLAY presale .

PlayDoge is currently defying the wider crypto market downturn, surging to a steaming $4,674,579 raised in a little over two weeks in a huge vote of confidence from retail investors worldwide.

 

Such is the fervor in the crypto community for this rare meme-powered GameFi gem; there are less than 48-hour for early-bird investors to get in at the rock-bottom price of $0.00507 per PLAY token.

But PlayDoge isn’t just another meme coin presale with pig-headed developers fattening up on retail trader’s hopes and dreams; at the heart of PLAY is a passionate desire to give back to the unsung architects of the digital economy – the little guys.

That’s why PlayDoge offers a mesmerizing 233% APY staking return exclusively for early-bird presale investors.

To put that into proper perspective, it would take you 12.65 years of holding in the SP500 to match the gain of just 12 months staking PLAY tokens.

For every month you stake PLAY, you have endured a year of pain and stress in SPX – just think about that for a moment.

With high-octane Tamagotchi-style gaming resonating to such a viral extent with the crypto community, what better way could there be to hedge the market downturn over Q2?

And that’s without considering PlayDoge’s anticipated 100x return when it hits the DEX and CEX markets in the coming months… So don’t miss out AGAIN.

Buy PLAY Here

 

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.