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The price of Solana 
$125 (SOL) is currently trading at levels 52% below its all-time high. In the past month, there has been a significant decline of 41% in price and a 40% drop in Total Value Locked (TVL). This situation indicates a notable decrease in investor confidence within the ecosystem.
TVL and Activity Data
The total value locked in the Solana network has decreased by 39.2% in the past month. TVL has fallen from an all-time high of $12.1 billion in January to the current $7.4 billion. This decline may suggest a decrease in active participation in DeFi protocols.
The market capitalization of Solana-based memecoins has decreased from a peak of $25 billion in December to $8.3 billion. The drop in market capitalization corresponds with most tokens losing 80-90% of their value from the peak. The reduction in DEX activities is also interpreted as a sign of investors withdrawing from the market.
Technical Indicators and Expectations
SOL price charts indicate a completed double top formation. Daily charts reveal that immediate support levels are around $135. If this support level is lost, there is a risk of the price dropping to the $120-$110 range. The RSI indicator suggests oversold conditions in the market.
Market analyst Gum stated that within the current technical framework, “This implies that a minimum support level of $110 could be expected before a rebound.”
The declines in TVL and DEX trading volumes give the impression of a general shrinkage within the Solana ecosystem. Onchain volume has dropped from $97 billion in mid-January to $11 billion this week. Investors may interpret these developments as a sign of decreasing liquidity and low user activity in the ecosystem.
These changes in market data could cause investors to reconsider their risk management strategies. Although the current downward trend occasionally shows signs of recovery, investors should exercise caution and emphasize the importance of thorough research.
