"Solana's Price Plunge: $258B in January, Now $210"

Solana's price took a significant dip over the weekend, with SOL dropping to $210, a decline of nearly 30% from its year-to-date high. This sell-off occurred despite the network achieving a record $258 billion in transaction volume in January. The broader crypto market also experienced a downturn, with Bitcoin briefly dipping below $100,000 and the total market cap falling by almost 4% to $3.4 trillion.

The Solana ecosystem saw a surge in activity in January, with protocols handling over $258 billion in volume. This brought the total volume to over $969 billion, putting the network on track to reach the $1 trillion milestone in February. The top players in the Solana DEX ecosystem were Orca, Meteora, Lifinity, and Raydium (RAY), with a 30-day volume of over $120 billion.

The growth in the network was driven by various meme coin launches, including Official Trump (TRUMP), which became one of the biggest meme coin launches on record. However, the number of active Solana wallets dropped to 3.6 million, down from 6.5 million on Jan. 19, and the market cap of all Solana meme coins slipped to $14 billion.

The daily chart of SOL shows a significant crash in the past few days, with the price retreating from its year-to-date high of $295.4 to the current $213. The coin has moved below the 50-day moving average and the key support at $223. It is nearing the key support at $210 and the next price point to watch is $170, the neckline of the double-top pattern.

Recently, Cboe BZX refiled applications for multiple asset managers, including Bitwise, VanEck, 21Shares, and Canary Capital, raising expectations for the approval of a Solana ETF. Analysts suggest that Litecoin could be next in line, but Bitcoin and Ethereum ETFs have already drawn billions, signaling strong demand for crypto investment products. The key question remains: Will regulators embrace more crypto ETFs, or keep altcoins waiting?

Despite the recent price dip, some experts remain optimistic about Solana's