Solana price has continued to fall even as meme-driven activity across the network has sharply picked up.
SOL was trading near $122 at press time, down 3.3% over the past 24 hours. Over the week, the price has ranged between $118 and $134, and the token is now down 8.5% on the week after failing to hold January’s rebound.
Market activity increased sharply during the pullback. The 24-hour trading volume for Solana (SOL) rose by more than 270% to $6.42 billion. The increase suggests that traders are actively switching positions as the price declines, indicating increased short-term involvement.
Derivatives paint a similar picture. CoinGlass data shows that futures volume rose 256% to $14.79 billion while open interest fell by 0.75% to $7.47 billion. When volume increases but open interest decreases, it usually indicates position closing and quick turnover rather than conviction-driven new investments.
The increase in trading comes as Solana’s memecoin sector shows renewed life after a quiet stretch through much of 2025. Recent estimates place the combined valuation of Solana-based meme tokens between $6.8 billion and $8 billion, following a wave of speculative inflows early this year.
Platforms such as Pump.fun recorded record sessions, with peak daily volumes reported near $1.2 billion during periods of intense activity. Several viral launches helped drive attention back to the ecosystem, with some tokens posting sharp, short-lived gains after unusual social media triggers.
This burst of speculation helped lift SOL earlier in January, pushing the price back above $139 and briefly toward the mid-$140s. That move has since unwound.
Price declined as the initial excitement subsided, indicating that a large portion of the inflow was related to short-term trades rather than longer-term positioning. Memecoin trading increases Solana’s usage and fee activity, but its effects on SOL have been inconsistent.
On the chart, Solana has slipped below its short-term trend support around $124 and failed to reclaim prior consolidation levels. Each bounce attempt has been met with selling, keeping pressure on the price.
The 50-day moving average, sitting in the mid-$130s, continues to act as a ceiling. Since the peak above $240, the price has consistently rolled over before reaching that area. Selling pressure has also pushed the price closer to the lower Bollinger Band, while the mid-band has started to slope lower.
Momentum has softened. The relative strength index has dropped below the mid-40s and has yet to show any meaningful recovery. Downside energy has slowed near current levels, but there are no clear signs of a reversal.
The $120 zone now sits in focus. It lines up with prior demand and recent consolidation. A daily close below it would leave little support until the psychological $100 area. If buyers step in and hold the level, price may stabilize, though upside attempts are likely to stay capped unless SOL can move back above $135–$140.
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