Solana worth struggles to flip $150 to assist — Is the SOL bull market over?

Solana's native token, SOL (SOL), confronted a pointy 8% rejection after briefly touching $147 on March 25. For the previous three weeks, SOL has struggled to reclaim the $150 degree, which is main merchants to query whether or not the bullish momentum that was initially pushed by memecoin hypothesis and the rise of synthetic intelligence sectors has come to an finish.

Some analysts argue that SOL worth might considerably profit from the eventual approval of a Solana spot exchange-traded fund (ETF) in the US, in addition to the enlargement of tokenized real-world belongings (RWA) on the Solana community, together with stablecoins and cash market funds. 

Others, like Nikita Bier, co-founder of TBH and Gasoline startups, consider Solana has "the basic constructing blocks for one thing to interrupt out on cellular."

Bier highlighted the constructive regulatory atmosphere from US President Donald Trump and the long-term influence of the memecoin frenzy, which launched “thousands and thousands” of recent customers to Web3 wallets and decentralized purposes (DApps). Basically, Nikita Bier believes Solana is well-positioned because of its streamlined onboarding expertise for cellular customers.

The lackluster Bitcoin reserve announcement harm all cryptocurrencies

Regardless of the potential for establishing a “consumer-grade” market for DApps, most merchants suffered losses because the memecoin mania light and onchain volumes plunged. This decline has led buyers to query whether or not SOL has the power to reclaim ranges above $150. Past the waning curiosity in DApps, Solana can also be dealing with rising competitors from different blockchains.

Moreover, the belief that the US authorities wouldn't buy altcoins for its strategic reserve and digital asset stockpile was a significant disappointment for some buyers. On March 6, President Trump signed a invoice permitting budget-neutral methods for the US Treasury to accumulate Bitcoin (BTC), whereas altcoins in authorities possession could possibly be strategically offered. Actually, there was no express point out of Solana or every other altcoin within the Digital Asset Stockpile govt order.

Some might argue that the Solana ecosystem extends far past memecoin buying and selling and token launchpads, as whole worth locked (TVL) has grown throughout liquid staking, collateralized lending, artificial belongings, and yield platforms. Nevertheless, Solana’s charges and DApp revenues have continued to say no. Diminished onchain exercise reduces SOL’s attraction to buyers, thus limiting its upside potential.

Solana DApp revenues totaled $12 million within the seven days main as much as March 24, down from $23.7 million simply two weeks earlier. Equally, base layer charges reached $3.6 million in the identical interval, a pointy drop from $6.6 million within the seven days ending March 10. Apparently, this decline occurred whereas the entire worth locked (TVL) remained steady at 53.2 million SOL.

Associated: Specialized purpose DEXs poised for growth in 2025 — Curve founder

Solana is not the dominant community in DEX volumes

The drop in Solana’s onchain exercise is especially regarding on condition that BNB Chain surged to the highest spot in DEX volumes, regardless of having 34% much less TVL than Solana, in line with DefiLlama knowledge.

By way of quantity, Solana dominated the DEX trade from October 2024 to February 2025 however has just lately misplaced floor to Ethereum and BNB Chain. Because of this, a part of SOL’s worth weak spot stems from a decline in Solana’s onchain exercise in comparison with its opponents. As an example, trading volume on Hyperliquid elevated by 35% over the previous seven days, whereas exercise on Pendle surged by a powerful 186%.

Though fundamentals don't point out an imminent rally above $150, the Solana community uniquely combines an built-in consumer expertise with a level of decentralization that has confirmed profitable. For instance, whereas BNB Chain and Tron supply related scalability, neither has had a pockets or DApp rank among the many prime 10 on the Apple App Retailer—in contrast to Solana’s Phantom Wallet in November 2024.

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