Solana’s price experienced a drop of more than 5% in the last 24 hours, influenced by geopolitical tensions and decreasing memecoin activity on its network. The token went from $163.72 to a low of $154.99 amid market uncertainty and reduced network revenue, putting downward pressure on its value.

This decline occurred as part of a broader correction in the crypto market triggered by the U.S. Court of International Trade’s decision regarding Trump’s tariff suspension, reigniting trade concerns and causing unease among investors. Additionally, memecoin revenue from Pump.fun platform has significantly decreased since early April, impacting one of Solana’s primary transaction drivers.

In terms of news, Solana Labs introduced the Solana AppKit on Friday. This open-source React Native toolkit allows developers to create iOS and Android apps on the Solana blockchain in approximately 15 minutes. The kit integrates various protocols and features, aiming to enhance app functionality and user engagement within the Solana ecosystem.

From a technical analysis standpoint, SOL displayed a double-top pattern near $184.50 and broke below key Fibonacci support levels. The SOL/ETH trading pair also fell below a rising wedge, with some analysts warning of a potential 40% drop relative to Ethereum if network activity does not improve. Standard Chartered suggested that Solana needs to diversify beyond memecoins to avoid continued underperformance in its price. Despite these challenges, some traders remain hopeful, stating that SOL is still within a broader bullish structure if it can maintain the $150-$160 support range.

Overall, the market is closely monitoring Solana to see if it can hold above critical support levels or if bearish momentum will lead to further price decreases.