Solana Drops 50% Amid DEX Slump, Eyes Long-Term Growth
Key Takeaways
Solana (SOL) lost over 50% of its value in the first quarter of 2025. The main reasons are a decline in trading volume on decentralised exchanges (DEX) and a sharp drop in activity in the memecoin segment. At the same time, institutional interest in the blockchain is increasing. New strategies, such as the establishment of SOL treasuries, could provide long-term stability. In the short term, however, the price remains volatile.
Sharp Decline in DEX Volume and Memecoins
In March 2025, trading volume on Solana-based decentralised exchanges dropped from USD 193 billion in February to USD 97 billion, according to Blockworks – a decline of 50%. The memecoin sector was particularly affected, shrinking from USD 60 billion to USD 26 billion. This development significantly reduced the demand for SOL as a transaction medium on the network.
Price Drop Below USD 100
The price of SOL fell from USD 240 to USD 100 within two months – a loss of 53%. This marked the first time in over a year that the price dropped below the USD 100 threshold. In addition to lower trading activity, macroeconomic uncertainties also played a role.
Institutional Interest on the Rise
Despite the price decline, institutional investor interest is growing. The platform Janover announced plans to acquire Solana validators and implement its own SOL treasury strategy. Following this announcement, Janover’s (JNVR) stock price surged by 800%.
The company SOL Strategies is also backing Solana. According to its March 2025 report, it holds 267,000 SOL and has recently acquired an additional 24,000 SOL. In total, over 3 million SOL worth nearly USD 400 million are staked with their validators. These developments indicate that institutional players view Solana as a long-term opportunity despite its current weakness.
Market Remains Cautious in the Short Term
Traders on the options market are showing caution. Only about 10% of market participants expect SOL to reach the USD 150 mark again by the end of April. From a technical perspective, the price is currently holding a descending trendline. However, the Relative Strength Index (RSI) is not yet in oversold territory – suggesting there may still be downside potential.
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A short-term decline to USD 80 cannot be ruled out. At the same time, there is potential for stabilization at current levels if institutional buying interest continues to grow.
Our Assessment
The decline in trading activity on Solana, especially in the memecoin sector, has significantly weighed on the price. Nevertheless, the growing interest from institutional investors suggests that the network is still seen as having long-term viability. Strategies such as SOL treasuries could help stabilize the price over time. In the short term, however, the market environment remains tense. Anyone investing in or considering investing in SOL should closely monitor developments and watch for clear signs of a bottom forming.
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