As of December 24, crypto is looking a bit Grinch-like, with most major coins 
slipping lower. The recent rally is losing momentum, and traders appear to be 
dialing back risk ahead of the holidays.

Top cryptos to watch this Christmas: Bitcoin, Ethereum, XRP price predictions

Solana’s price action this year has followed a clear but uncomfortable 
pattern. After pushing to a new all-time high around the $296 region in 
January, the rally quickly lost momentum and transitioned into a steady 
decline that has persisted for months. Many traders have attributed this 
weakness to a risk-off sentiment across crypto, but a deeper on-chain 
breakdown shared by crypto analyst Ardi on X suggests the story began well 
before the January peak and has more to do with who was buying and who was 
quietly exiting. Distribution Was Already Underway Before The January Peak 
Solana has been on a clear downtrend since September, when it reached a lower 
high of around $247 compared to its January 19 all-time high of $293. One of 
the most important insights from Ardi’s analysis is that Solana’s January all- 
time high did not mark the start of distribution but rather the culmination of 
it. Related Reading: Why Has The Solana Price Been Crashing Since October? 
This Major SOL Player Is Selling The chart attached to his post shows that 
selling volume was already increasing months earlier, well ahead of October, 
meaning that large holders were positioning for exits long before price 
reached its final peak. From that perspective, the January high looks less 
like the beginning of a new expansion phase and more like the last push of a 
rally. After that point, price action began forming lower highs, and each 
rebound attempt lacked the strength needed to reclaim the all-time high. 
Interestingly, Solana failed to reach a new all-time high, even as other large 
market cap cryptos like Bitcoin, Ethereum, XRP, and BNB pushed to new all-time 
highs during the year. Another interesting feature of the data is the widening 
gap between retail behavior and that of larger players. Cumulative delta 
metrics on the chart show that retail-sized wallets have been consistently 
active throughout the year and are increasing their activity even as Solana&#8217;s 
price moved lower. On the other hand, mid-sized and institutional wallets tell 
a very different story. Their activity has been trending downward for months, 
starting from the January peak and extending up until the time of writing. Is 
Solana’s Price Becoming Dependent On Memecoin Activity? Ardi’s analysis also 
raises a broader question about what is currently driving demand for Solana. 
Outside of retail activity on Solana itself, one of the few consistent sources 
of activity has been the memecoin sector. Successes and booms of meme coins 
like Cat in a Dogs World (MEW), Peanut the Squirrel (PNUT), and Fartcoin 
(FARTCOIN), which gained traction in the second half of 2024, contributed to 
Solana&#8217;s push to all-time highs during those periods. Related Reading: Will 
Solana Flip Ethereum? Revenue Numbers Show Disturbing Trend Those meme coin 
successes culminated with the launch of the Official Trump ($TRUMP) token in 
January 2025 on Solana, which experienced eye-watering gains shortly after its 
launch. This, in turn, contributed to Solana&#8217;s all-time high in January. 
However, since then, the TRUMP token and other Solana-based meme coins have 
been trending downwards in recent months and no longer command the same level 
of attention or trading intensity they had this time last year. That has led 
to the view that Solana’s price is increasingly sensitive to the success of 
memecoins in its ecosystem. At the time of writing, Solana is trading at 
$121.50, down by about 58.6% from its January all-time high of $293. Featured 
image from iStock, chart from Tradingview.com

Why Has The Solana Price Been In A Steady Downtrend Since January?

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Ethereum (ETH) token declined to a low of $2,900, much lower than the year-to- 
date high of $4,960. This drop has coincided with the broader industry&#8217;s 
performance.

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