- Solana marks five years ago as an extensive ecosystem.
- It is now facing a major downturn, with dex volumes that sink and the investors’ conviction that wakes up in the midst of the cooling feeling.
Once praised as the breakout star in the post-pandemic crypto time, Solana (sun) is now at a critical road crossing.
When it marks its five -year anniversary, the high -speed blockchain that once rival Ethereum (ETH) In buzz and activity, a sober decline struggles.
Dex Volume has crated – from a robust top of $ 36 billion to just $ 988 million, the lowest so far this year.
With open interest also drums, does Solana simply experience a temporary calm, or is this the beginning of a deeper structural resolution?
Happy birthday, Solana!
Launched in March 2020, Soana Went into the scene that promised unmatched speed and scalability-and placed as a next gene layer 1-chain built for mass options.
With the support of a strong developer community and growing defi interest, it quickly rose through the rankings and became a favorite for NFT projects and high-frequency trading platforms.
On his top, Solana billions boasted TVl and was called the deadly “Ethereum killer.” But five years later, the landscape has changed.
Despite technical upgrades and ecosystem efforts, Solana now fights with declining volumes and fades market enthusiasm, which gets a deeper look at what has gone wrong.
Dex activity and open interest sink
Source: Artemis
As Soana If it crosses the five -year mark, its performance on the chain paints a sober image. Artemis information shows that Dex volumes have collapsed from an annual height of $ 36 billion in January to less than $ 1 billion in mid-March.
The downturn is steep and unforgiving, with hardly any hope of recovery. This sharp decline reflects diminishing trading activity, reduced user engagement and possibly liquidity migrates elsewhere.
Source: Coinglass
Futures data contributes to the concerns. Open interest in Sol Futures has dropped from over $ 5 billion to just over $ 3 billion in March, even when Sol’s price failed to hold over $ 150.
This divergence signals fading investors’ beliefs and a cooling appetite in utilized positions.
For a network that is once called Ethereum’s toughest rival, the silence in its order books becomes more difficult to ignore.
Solana Price Outlook
Sun traded at $ 128.81 at press time, after a modest 2.15% daily profit. RSI hovered close to 41, which indicated slightly raised momentum and remained well below the neutral 50 mark.
OBV was 64.96 million, shows no meaningful nail in the purchase pressure – signaling the lack of conviction behind the recovery.
Source: Tradingview
Price measures also reflect a clearly lower high, lower low structure that extends since the end of February, which reinforces the Baisse trend. Unless the Bulls recycles the $ 140 level convincingly, the sun risks longer disadvantage.
With volume thinner and emotions cooling, the next key support is close to $ 120 – each break under which can invite a sharper correction.
