Solana price struggles to flip $150 to support — Is the SOL bull market over?

3 days ago 26

Solana's autochthonal token, SOL (SOL), faced a crisp 8% rejection aft concisely touching $147 connected March 25. For the past 3 weeks, SOL has struggled to reclaim the $150 level, which is starring traders to question whether the bullish momentum that was primitively driven by memecoin speculation and the emergence of artificial quality sectors has travel to an end.

Some analysts reason that SOL terms could importantly payment from the eventual support of a Solana spot exchange-traded fund (ETF) successful the United States, arsenic good arsenic the enlargement of tokenized real-world assets (RWA) connected the Solana network, including stablecoins and wealth marketplace funds.

Others, similar Nikita Bier, co-founder of TBH and Gas startups, judge Solana has "the cardinal gathering blocks for thing to interruption retired connected mobile."

Bier highlighted the constructive regulatory situation from US President Donald Trump and the semipermanent interaction of the memecoin frenzy, which introduced “millions” of caller users to Web3 wallets and decentralized applications (DApps). Essentially, Nikita Bier believes Solana is well-positioned owed to its streamlined onboarding acquisition for mobile users.

The lackluster Bitcoin reserve announcement wounded each cryptocurrencies

Despite the imaginable for establishing a “consumer-grade” marketplace for DApps, astir traders suffered losses arsenic the memecoin mania faded and onchain volumes plunged. This diminution has led investors to question whether SOL has the spot to reclaim levels supra $150. Beyond the waning involvement successful DApps, Solana is besides facing increasing contention from different blockchains.

Additionally, the realization that the US authorities would not acquisition altcoins for its strategical reserve and integer plus stockpile was a large disappointment for immoderate investors. On March 6, President Trump signed a measure allowing budget-neutral strategies for the US Treasury to get Bitcoin (BTC), portion altcoins successful authorities possession could beryllium strategically sold. In fact, determination was nary explicit notation of Solana oregon immoderate different altcoin successful the Digital Asset Stockpile enforcement order.

Some whitethorn reason that the Solana ecosystem extends acold beyond memecoin trading and token launchpads, arsenic full worth locked (TVL) has grown crossed liquid staking, collateralized lending, synthetic assets, and output platforms. However, Solana’s fees and DApp revenues person continued to decline. Reduced onchain enactment reduces SOL’s entreaty to investors, frankincense limiting its upside potential.

Solana DApp revenues totaled $12 cardinal successful the 7 days starring up to March 24, down from $23.7 cardinal conscionable 2 weeks earlier. Similarly, basal furniture fees reached $3.6 cardinal successful the aforesaid period, a crisp driblet from $6.6 cardinal successful the 7 days ending March 10. Interestingly, this diminution occurred portion the full worth locked (TVL) remained unchangeable astatine 53.2 cardinal SOL.

Solana is nary longer the ascendant web successful DEX volumes

The driblet successful Solana’s onchain enactment is peculiarly concerning fixed that BNB Chain surged to the apical spot successful DEX volumes, contempt having 34% little TVL than Solana, according to DefiLlama data.

In presumption of volume, Solana dominated the DEX manufacture from October 2024 to February 2025 but has precocious mislaid crushed to Ethereum and BNB Chain. As a result, portion of SOL’s terms weakness stems from a diminution successful Solana’s onchain enactment compared to its competitors. For instance, trading measurement connected Hyperliquid accrued by 35% implicit the past 7 days, portion enactment connected Pendle surged by an awesome 186%.

Although fundamentals bash not bespeak an imminent rally supra $150, the Solana web uniquely combines an integrated idiosyncratic acquisition with a grade of decentralization that has proven successful. For example, portion BNB Chain and Tron connection akin scalability, neither has had a wallet oregon DApp fertile among the apical 10 connected the Apple App Store—unlike Solana’s Phantom Wallet successful November 2024.

This nonfiction is for wide accusation purposes and is not intended to beryllium and should not beryllium taken arsenic ineligible oregon concern advice. The views, thoughts, and opinions expressed present are the author’s unsocial and bash not needfully bespeak oregon correspond the views and opinions of Cointelegraph.

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