Solana's native token, SOL, has seen a 5.5% decline from Oct. 9 to Oct. 15, struggling to hold the $150 support level. As of Oct. 17, SOL is trading at $152.27, down 2.3% in the last 24 hours. This price drop is linked to ongoing declines in Solana-based memecoins, with the total market cap of meme tokens dropping 2.1% to $10.5 billion. Concurrently, on-chain activity on the Solana network has decreased, with transaction volumes falling to $1.7 billion, down from $2 billion just a few days prior. This drop is exacerbated by a 53% reduction in DApp volume and a 48% decline in unique active wallets over the past week. Technically, SOL's price is testing a resistance line within a descending triangle formation, suggesting that if the correction continues, it could potentially drop to $125, representing a significant decline from current levels. Analysts warn that further losses could target $75, reflecting continued bearish trends in the market.

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