[Analysis] Solana Expected to Drop Up to 40%... Impact of Macroeconomics and Meme Coin Decline

An analysis has emerged suggesting that Solana (SOL) could drop by up to 40%.

According to Cointelegraph on the 11th (local time), financial analyst Yashu Gola stated, "Solana's price could fall by nearly 40%," indicating that Solana's on-chain indicators and macroeconomic conditions suggest a decline for Solana.

The analyst reported, "The daily transaction volume on the Solana blockchain has decreased from an all-time high of 71,738 on January 23 to the current 23,835," adding, "This negatively impacts the demand for Solana." He further explained, "Meme coins have been a key factor in Solana's price surge," and "as interest in meme coins has significantly decreased, investor interest in Solana has also declined."

Additionally, he mentioned that the macroeconomic situation is not favorable. The analyst explained, "After the hawkish remarks by Fed Chairman Powell the previous day, the likelihood of a rate cut by September has further diminished," adding, "This makes holding short- and long-term bonds more attractive than risky assets like Solana."

Yashu Gola added, "Solana is currently forming a head and shoulders pattern," and "if Solana falls below $180.5 due to on-chain indicators and macroeconomic conditions, it could drop to $109.21." This represents a decline of about 40% from the current Solana price.

As of 5:32 PM, Solana is trading at $196.34 on the Binance USDT market, down 4.31% from 24 hours ago.