The value of the cryptocurrency #solana (SOL) fell below the psychological mark of $100 for the first time in over a year, reaching a 14-month low amid rising macroeconomic fears and declining network activity.
On April 7, 2025, Solana (SOL) briefly fell to $96.58. In comparison, on April 2, its peak was over $135. At the time of publication on April 8, the coin had recovered to $110. Overall, in the past week, the coin lost about 13.4%. Despite this, the market capitalization increased by nearly 7.5% — to $56.67 billion.
As analysts note, the sell-off is driven by rising global trade tensions and fears of a new financial crisis. Some analysts even draw parallels with the infamous 'Black Monday' of 1987.
Data from the Solana blockchain indicates a sharp decline in network activity
Alongside the price drop, the network's fundamental metrics are also deteriorating. The number of active addresses on the Solana network as of April 4 fell to 2.99 million (based on a 7-day moving average), while in January this figure peaked at nearly 5.69 million. This is the lowest level in the past six months.
A report from the management company VanEck confirms the extent of the decline. In March alone, average transaction fees on the Solana network fell by 66%, the volume of transfers in stablecoins decreased by 34%, and activity on decentralized exchanges (DEX) dropped by more than half.
Although Solana has long been viewed as a serious competitor to Ethereum (ETH), its share of DEX transaction volumes on smart contract platforms has now dropped to the lowest level since October 2024.
Most of this decline is attributed to the decrease in hype surrounding this crypto. Daily trading volumes of meme coins on the Solana network fell from a peak of $12 billion in January to just $720 million by the end of March. In March, meme coins (excluding stablecoins and SOL itself) accounted for 92% of the remaining trading volume on the network — demonstrating their disproportionate impact on the ecosystem's profits.
Despite the crash, key investors remain calm
Despite the serious drop, the core investors of Solana seem unperturbed. According to CoinGlass, positions with leverage worth $73 million were liquidated due to the price drop, yet the overall sentiment of long-term investors remains surprisingly stable — as evidenced by derivatives data.
Institutional interest in Solana is also growing. In particular, PayPal recently added Solana to its crypto portfolio — an integration that could help the asset reach mass users.
