TLDR
- SOL is trading at $133.18, down 3.98% in the last 24 hours with a 1.15% drop in trading volume
- Solana has gained 4.45% over the past 7 days despite recent struggles
- SOL has repeatedly failed to break through the $150 resistance level
- Declining DApp revenues and chain fees suggest waning network activity
- BNB Chain has overtaken Solana in DEX volumes despite having 34% less TVL
Solana’s native cryptocurrency SOL has been facing price challenges in recent days, with repeated failures to break through the $150 resistance level. This comes amid declining app usage and increased competition from other blockchain networks. The price dip has raised questions about whether the bull market that was driven by memecoin speculation and AI sector growth is coming to an end.
SOL is currently trading at $133.18, marking a 3.98% decline in the last 24 hours from its previous price of $138.70. The daily trading volume has also dropped by 1.15% to $3,125,515,662. This simultaneous decrease in both price and volume suggests a potential trend reversal and possibly waning interest from market participants.
Despite the recent drop, Solana has seen a 4.45% gain over the past 7 days. The total market capitalization of SOL currently stands at $68,133,111,340, maintaining its position as one of the top cryptocurrencies by market value.
Technical Resistance
SOL faced a sharp 8% rejection after briefly touching $147 on March 25. For the past three weeks, the cryptocurrency has struggled to reclaim the $150 level, which has emerged as a key resistance point.
This ongoing battle with the $150 mark has led many traders to question the sustainability of SOL’s bullish momentum. The previous price surge was largely driven by memecoin speculation and growth in AI-related sectors within the Solana ecosystem.
Some market watchers believe SOL price could benefit from a potential approval of a Solana spot exchange-traded fund (ETF) in the United States. The expansion of tokenized real-world assets on the Solana network, including stablecoins and money market funds, might also provide price support.
Ecosystem Developments
Nikita Bier, co-founder of TBH and Gas startups, has expressed optimism about Solana’s future. He believes the network has “the fundamental building blocks for something to break out on mobile.”
While the jury is not out yet, Solana has the fundamental building blocks for something to break out on mobile and certainly many apps are making headway.
So today Iâm joining @Solana as an advisor to help select companies launch & grow their apps.
For a couple years I've beenâŚ
— Nikita Bier (@nikitabier) March 25, 2025
Bier highlighted the more constructive regulatory environment under US President Donald Trump. He also noted the long-term impact of the memecoin trend, which introduced millions of new users to Web3 wallets and decentralized applications.
The streamlined onboarding experience for mobile users is seen as a key strength for Solana. This could position the network well for future growth in consumer-grade marketplace for decentralized applications.
Declining Network Activity
Despite these potential growth areas, Solana is facing challenges with declining on-chain activity. DApp revenues have shown a downward trend, totaling $12 million in the seven days leading up to March 24. This represents a sharp drop from $23.7 million just two weeks earlier.
Base layer fees have also fallen to $3.6 million in the same period, down from $6.6 million in the seven days ending March 10. This decline in fee revenue occurred even as the total value locked (TVL) remained relatively stable at 53.2 million SOL.
The drop in Solana’s on-chain activity is particularly concerning when compared to competing networks. BNB Chain has recently surged to the top spot in DEX volumes, despite having 34% less TVL than Solana.
In terms of decentralized exchange (DEX) volume, Solana dominated the industry from October 2024 to February 2025. However, it has recently lost ground to both Ethereum and BNB Chain.
This shift in market share has contributed to SOL’s price weakness. While Solana’s activity has declined, other platforms like Hyperliquid have seen a 35% increase in trading volume over the past seven days. Pendle has experienced an even more impressive surge of 186%.
The current market indicates that while the $150 level remains a challenge for SOL, Solana’s network still offers a unique combination of integrated user experience and decentralization that has proven successful in the past. For example, Solana’s Phantom Wallet ranked among the top 10 on the Apple App Store in November 2024, an achievement not matched by wallets from competing networks like BNB Chain and Tron.
As of Friday, while Cronos, Toncoin, and Four are the top gainers in the broader crypto market, Story, JasmyCoin, and POL (previously known as MATIC) are the top losers alongside Solana’s recent price correction.
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