- Solana’s trading volume hits 2024 low; price down 36%, breaches $128 support, risking drop to $100 if demand weakens further.
- TVL halved to $6.69B since January; liquidity clusters near $120–$114 may pull price lower, testing $85 support zone.
Solana (SOL) registered its lowest trading volume in 2024, averaging $3 million daily, a level last observed in September of the same year. Over the past four weeks, the token’s price fell by 36%, trading near $128 at the time of writing. The loss of a key support level at $128.01 raises the risk of the price dropping to $100 or lower, according to technical analysis by ETHNews.
Data shows liquidity in Solana-based protocols has halved since January. Total value locked (TVL) decreased from $12.19 billion to $6.69 billion, indicating investors are withdrawing funds amid price declines. The simultaneous drop in volume and price suggests widespread selling, which could deepen losses if demand does not recover.
A liquidity heatmap identified clusters between $120 and $114, zones that typically attract price movement. If SOL fails to hold the $100.34 support level, analysts project a decline to $85, a price last seen in January.
However, not all indicators are negative. In derivatives markets, buying volume rose, and the open interest (OI)-weighted funding rate reached 0.0086%, reflecting slight optimism since March 13.
The long-to-short ratio on CoinGlass, which compares buy and sell positions, stood at 1.004, indicating a marginal preference for long positions. This suggests some traders anticipate a rebound, particularly if SOL reclaims the $128 level. Nonetheless, the broader trend remains downward, with selling pressure dominant.
ETHNews experts note SOL’s trajectory will hinge on two factors: its ability to hold technical support levels and TVL trends. Stabilization in these areas could curb losses, while new lows in volume or liquidity might amplify declines. Uncertainty persists, but derivatives activity offers a counterpoint to the prevailing narrative.
As markets await clearer signals, Solana faces a dual scenario: technical risk of further decline and limited rebound potential. The coming week will prove critical in determining whether buyers can reverse the trend or sellers extend their control.
As of today, Solana (SOL) is trading at $135.06, reflecting an 8.32% increase in the past 24 hours. Despite this short-term recovery, SOL has dropped 6.72% over the past week and has seen a 32.47% decline over the last month. Over the past year, Solana has also decreased by 23.54%, indicating ongoing volatility in the market.
Solana’s all-time high for 2025 was $295.83 on January 19, but since then, it has experienced a significant correction.
Currently, technical indicators suggest a sell signal, although the weekly and monthly outlooks are more neutral, indicating potential consolidation before the next major move.
If SOL maintains its momentum, resistance levels to watch are $140-$150, while key support remains around $125-$120.
The post Solana Faces Decline in Trading Volume and Price; Some Investors Bet on Recovery appeared first on ETHNews.
ETHNews – Read More