Solana has continued negative trends in the last 30 days and traded in red. dropped by 7% in the last 24 hours, CoinMarketCap data says.

Exchange platforms suggest an increased because of the series of scandals involving the blockchain. The ratio of long to short positions dropped significantly from 4 to 2.5, signaling a radical shift in sentiment.

Solana’s fall came after the crash of LIBRA – A Solana-based meme coin that lost most of its value after the Argentinian president Javier Milei endorsed and, shortly after, disowned it. The project is accused of insider trading, while Milei faces fraud charges. After this, numerous other Solana-based meme coins dipped, including MELANIA, Harry Bolz, and Vigilante.

Still, Solana is recording some wins, marking a full year without an outage. Despite some short-term pessimism, Solana still has a bright outlook. Let’s see what Solana’s price predictions say.