TLDR:
- Solana (SOL) currently trades below $210, down 27% from its January all-time high, showing weakness below the $270 resistance level
- Network metrics show a 21% increase in active DApp addresses month-over-month, outperforming competitors like Base, Polygon, and Ethereum
- Total Value Locked (TVL) in Solana DApps grew 5.5% over 30 days, with its market share expanding from 6.7% to 9.5%
- Monthly network fees reached $246 million, surpassing Ethereum’s $133 million, with three Solana DApps among the top five most profitable
- Despite recent price pressure, the network shows strong fundamentals with growth across gaming, staking, and liquidity provision sectors
Solana’s native token (SOL) is currently testing support levels below $210, marking a 27% decline from its January all-time high. However, beneath the surface of price action, the network’s fundamental metrics tell a different story of growing adoption and increasing activity.
The cryptocurrency, which has struggled to break through the $270 resistance level for the past three months, now trades at $204. This price action comes amid mixed signals from various market indicators, with the immediate support level at $201 becoming a key focus for traders and investors.

SOL Price
Recent data shows that Solana’s decentralized application (DApp) ecosystem is experiencing robust growth. The network recorded a 21% increase in active addresses interacting with its top ten DApps month-over-month, contrasting sharply with competitors. During the same period, Base network saw a 27% decline in DApp activity, while Polygon and Ethereum experienced drops of 17% and 15% respectively.
The network’s Total Value Locked (TVL) metrics paint an equally compelling picture. Solana DApps registered a 5.5% growth in TVL over the past 30 days, expanding the network’s market share from 6.7% in October to 9.5% currently. This growth positions Solana firmly as the second-largest blockchain by TVL.
Several projects contributed to this TVL expansion, with Meteora leading the charge with a 162% surge over 30 days. Binance Staked SOL and Marinade Finance also showed strong performance, posting gains of 23% and 15% respectively.
Network fee generation has emerged as another bright spot for Solana. The blockchain generated $246 million in monthly network fees, surpassing Ethereum’s $133 million during the same period. This fee generation demonstrates strong user engagement and willingness to pay for network services.
The ecosystem’s profitability metrics are equally notable. Three of the top five most profitable DApps now belong to the Solana ecosystem: Jito, Raydium, and Meteora. This achievement highlights the network’s ability to sustain profitable applications despite market volatility.
However, the picture isn’t uniformly positive. New address creation has shown recent decline, potentially indicating reduced new investor interest. The Chaikin Money Flow (CMF), an indicator tracking market inflows and outflows, has struggled to maintain positive territory, suggesting some weakness in buying pressure.
Technical analysis indicates that the $201 support level remains crucial for SOL’s near-term price action. A break below this level could lead to further downside toward $183, while successful defense of this support could open the path to recovery toward $221.
The futures market provides additional context, with monthly SOL futures contracts currently trading at a discount to spot prices. While this might typically signal bearish sentiment among professional traders, historical data suggests such positioning doesn’t always accurately predict market direction.
Transaction reliability remains an ongoing concern, with some users reporting failed transactions. These technical challenges, while not unique to Solana, highlight the continued importance of network optimization and improvement.
The network’s growth extends beyond any single sector. While recent attention has focused on memecoin activity, Solana’s ecosystem shows diversity across gaming, staking, liquidity provision, payments, artificial intelligence, and algorithmic trading applications.
January saw the launch of several new projects on Solana, including high-profile initiatives in the gaming and DeFi sectors. These launches contributed to increased network activity and helped maintain user engagement despite price volatility.
Looking at daily transaction volumes, Solana continues to process high numbers of transactions, maintaining its position as one of the most active blockchain networks. This sustained activity level suggests ongoing utility and user engagement regardless of price movements.
The contrast between price action and network metrics creates an interesting dynamic. While SOL trades below recent highs, the underlying network shows multiple signs of healthy growth and adoption.
Current market positioning places SOL at a critical juncture, with the $201 support level serving as a key reference point for short-term price action. The token currently trades at $204, with immediate resistance levels identified at $221 and $270.
Stay Ahead of the Market with Benzinga Pro!
Want to trade like a pro? Benzinga Pro gives you the edge you need in today's fast-paced markets. Get real-time news, exclusive insights, and powerful tools trusted by professional traders:
- Breaking market-moving stories before they hit mainstream media
- Live audio squawk for hands-free market updates
- Advanced stock scanner to spot promising trades
- Expert trade ideas and on-demand support