Solana (SOL) has been navigating a turbulent market landscape recently, experiencing an 11% drop after being met with resistance at $93 late last week. Currently, the digital asset is trading within an $80 to $84 range, facing a crucial test of support around the $80 mark.
Market observers note that this support level has been steadfast during multiple tests, yet traders remain vigilant, understanding that a fall through this threshold could uncover further declines possibly reaching the $75-$76 range.
The decline in the SOL price correlates with a notable drop in decentralized exchange (DEX) volumes on the Solana network, which fell to $55.5 billion in March—marking the lowest point since September 2024, according to DefiLlama. This shrinkage in trading activity has undoubtedly impacted network fees, which dipped 42% from January’s $30 million to March’s total of $18.5 million.
Additionally, Ethereum’s layer-2 solutions have increasingly encroached on Solana’s market dominance. The combined DEX share of Ethereum solutions such as Base, Arbitrum, Polygon, and Optimism surged from 33% in January to 42% in March, intensifying competition for market participation.
Moreover, the Total Value Locked (TVL) on Solana has contracted sharply to $6.3 billion from a high of over $12 billion seen in late 2025. Active addresses have also fallen significantly from over 100 million at mid-2025 to approximately 34 million more recently.
DApp Revenue Maintains Solana’s Competitive Edge
Despite these challenges, Solana continues to showcase resilience through its dominance in decentralized application (DApp) revenue. Currently, the network boasts 13 DApps that generate over $1 million in monthly revenue—leading the industry, followed closely by Ethereum with 11, and both BNB Chain and Base with 4 each. This revenue generation is essential for maintaining developer interest within the ecosystem.
Promising protocols like Pump, Helium Network, and ORE Protocol are among those that contribute to this DApp revenue, highlighting ongoing engagement from developers and users alike.
Traders Eye Key Levels
Traders are closely monitoring Solana’s performance, particularly the recent price action around $80-$95. Analyst Daan Crypto Trades indicated on social media that SOL is “chopping around between $80–$95 for now” and is adhering well to horizontal support levels on higher timeframes. He identified $67.23 as a critical support level to watch in the event of further downward movements.
In addition, another analyst noted a resurgence in open interest and long positions following SOL’s recent dip to the $80 mark, suggesting an uptick in buying pressure in the wake of the price decline. “Long position buying and OI on Solana are increasing,” they noted, signaling potential optimism as traders position themselves for a rebound.
Future Market Outlook
The price actions suggest that SOL is presently situated near the lower boundary of a descending channel. With relative strength index (RSI) and MACD indicators revealing weak momentum, vigilance remains key. A breach below the $80-$78 range could steer SOL’s price toward $76, while reclaiming $86-$90 might provide a short-term bounce opportunity.
As the market evolves, SOL’s formerly robust support zone of $115-$123 has shifted to resistance, complicating the proposition of an immediate recovery. Holding at $80 is a primary objective, while rising open interest and long positions potentially inject cautious optimism into the market’s outlook.
