Solana price has been in a slump, but the factors keeping SOL down are endemic to the entire crypto market. Will a rising tide lift all boats?
Solana native token, SOL (SOL), is up by 17% after falling to a low of $125 on Feb. 28. However, it encountered strong resistance near the $180 mark. More significantly, the current price of $145 represents a 50% decline from its all-time high of $295 on Jan. 19, raising concerns among traders about SOL's ability to regain bullish momentum.
While analysts attribute the sharp decline in SOL's value to the memecoin market crash, onchain activity has declined across various sectors, including liquid staking, tokenized assets, yield aggregators, synthetic perpetuals, NFT marketplaces, and artificial intelligence infrastructure.
Solana 7-day blockchain fees, USD. Source: DefiLlama
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