$SOL
Solana Experiences Price Strain Even with Meme Token Comeback—Could $120 Be Next?
Solana (SOL) has experienced a decline following the gains made in early January, even as engagement in its memecoin ecosystem rises significantly. At the time of reporting, the token was valued around $122, decreasing approximately 3.3% over the past 24 hours and nearly 8.5% for the week. Prices have fluctuated between $118 and $134, indicating a market that is having difficulty sustaining momentum.
Notably, trading volumes have increased amidst this drop. SOL’s 24-hour trading volume surged more than 270% to $6.4 billion, indicating that traders are adjusting their positions instead of committing long-term. Futures activity conveys a comparable narrative: volumes have increased while open interest has marginally decreased, indicating swift position unwinding instead of solid bullish confidence.
Meme tokens on Solana, which slowed down in 2025, have made a comeback with a total valuation now estimated to be between $6.8 billion and $8 billion. Platforms such as Pump.fun recorded daily volumes reaching $1.2 billion during times of viral engagement. Although this conjecture briefly raised SOL past $139 earlier this month, the price swiftly pulled back as short-term trading took precedence.
Solana has technically fallen below short-term trend support at approximately $124, while the 50-day moving average in the mid-$130s serves as resistance. The relative strength index has decreased to the mid-40s, suggesting diminished momentum. The $120 level now serves as a vital short-term support; a break would reveal $100 as the next significant low. If SOL cannot recover to $135–$140, its potential for growth is constrained.
Traders need to monitor for stability near $120, since activity driven by memecoins might not support enduring price increases.