Solana (SOL) fell sharply in the past 24 hours, dipping below the psychological $100 threshold as broader market uncertainty triggered heavy sell pressure.
According to CryptoSlate data, SOL slid more than 15% during the reporting window, briefly touching $96 before recovering to around $101 at press time.
The decline marked a 14-month low for the token and wiped out $71 million worth of leveraged positions tied to the asset, according to CoinGlass data.
Market analysts have linked this price performance to rising concerns over global trade disputes. According to them, the ongoing tariff war and the possibility of a financial downturn have rattled investor confidence, pushing several major digital assets into the red.
Solana’s on-chain activity slows
The price slump comes as Solana’s on-chain activity continues to slide over the past months.
VanEck, a leading asset manager, reported a steep drop across key metrics for Solana in March. According to the firm, the network’s average fees fell by 66%, stablecoin transfer volume declined by 34%, and decentralized exchange (DEX) trading activity tumbled by 53%.
VanEck pointed out that Solana’s DEX market share has fallen to its lowest point since October 2024 after briefly outperforming Ethereum’s ecosystem in January.
The firm noted that a major reason behind this drop is the fading hype around memecoins. According to VanEck, daily memecoin volumes on Solana peaked at around $12 billion earlier this year but dropped to roughly $720 million by March.
Nevertheless, memecoins remain a key driver of the blockchain network’s activity. In March, tokens in this category (excluding SOL and stablecoins) made up 92% of Solana’s DEX volume, signaling the ecosystem’s dependence on speculative trading.
Still, interest from institutions appears to be growing. The Chicago Mercantile Exchange (CME) recently introduced SOL futures contracts, followed closely by Volatility Shares’ launch of the first SOL futures ETF.
These moves could open the door to spot-based exchange-traded products in the near future.
Meanwhile, PayPal has expanded its crypto offerings by allowing US users to buy, sell, and transfer Solana through its core platform and Venmo. The payment giant said the addition followed increased demand from its user base for broader token support.
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