Solana Price at Risk of Deep Correction Below $80

Solana's price has been on a downward trajectory, falling from its early-May peak near $100 to around $85 at press time. This decline is attributed to a weakening institutional appetite for risk assets, particularly in the wake of Goldman Sachs' exit from Solana and XRP exchange-traded product positions.

On-chain metrics have also deteriorated, with decentralized exchange activity cooling significantly due to reduced meme coin trading volumes. Rival ecosystems such as Base and Hyperliquid have seen increasing trader activity, pulling liquidity and speculative volume away from Solana-native platforms.

The oil market's volatility and geopolitical uncertainty are adding pressure to crypto markets, further complicating expectations for Federal Reserve rate cuts and reducing appetite for speculative assets like Solana.