Solana Falls to Lowest Level Since October as Meme Coin Rally Cools

Solana, the world’s sixth-largest cryptocurrency, has seen a sharp decline even as multiple asset managers have applied for ETFs based on its spot price. Solana’s decline has been fueled by concerns about its connection to the Libra token scandal and waning enthusiasm for meme coin initiatives that have fueled the network’s development.

Solana Price Falls to Lowest Level Since October

On Monday, Solana (SOL) fell to its lowest level since mid-October, trading below $153, down 9% in just 24 hours, according to data from CoinGecko. Over the past two weeks, SOL has fallen about 25%, hitting a low of $151 earlier in the week.

Related to Libra Scandal

Solana’s decline comes just 10 days after Libra, a controversial token, lost about 90% of its value in a matter of hours. The incident has led to accusations of fraud and calls for the impeachment of Argentine President Javier Milei, who had promoted the token as a potential solution to support small businesses in the country.

In a post on the X platform, Milei introduced Libra with the hope that it would help Argentina’s economy. However, after the token’s price collapsed, Milei deleted the post and denied any knowledge of its creation or involvement with the token.

Meme Coin Sentiment Cools

Solana’s decline also reflects a general cooling of sentiment toward meme coin initiatives — cryptocurrency projects that attract intense attention and speculation from the investor community. Solana has benefited from the meme coin wave in recent months, but as interest in these tokens has waned, Solana has not been immune to downward pressure.

Conclusion
While Solana remains one of the most robust smart contract blockchains, its price is still heavily influenced by external market factors and crypto scandals. Investors’ rejection of meme tokens and concerns surrounding Libra have contributed to Solana’s steep decline in recent days.