#MileiMemeCoinControversy Solana (SOL) traded lower on Monday (17), with technical analysis patterns and on-chain data indicating that the worst may yet be yet to come for the cryptocurrency.

SOL is heading for a daily devaluation of 3.5%, according to CoinGecko. As a result, it is very close to losing the support of US$ 180. Returning to trading below this level would be a bad sign for the altcoin. Understand why.

Milei case raises doubts about Solana

Solana is heading for its third consecutive day of decline. This movement is linked to a crisis involving the current president of Argentina, Javier Milei.

Last Saturday (15), the head of state used his profile on X to promote a cryptocurrency built on the Solana network, LIBRA. The tweet caused the asset's price to soar, with its creators taking advantage of the moment to carry out an alleged rug pull.

While the case promises to bring political problems for Milei, it also brought to light some dilemmas regarding the Solana network. On social media, some users began to debate whether the blockchain is not becoming a hub for fraudulent projects, due to its strong use for the creation of new memecoins.