Solana marks 5th birthday as price plunges
Solana goes back to school. On March 16, Solana celebrated its fifth birthday. In a post on platform X, the project highlighted some figures reached during this period: But especially the latter is the.
Solana goes back to elementary school. On March 16, Solana celebrated its fifth birthday. In a post on platform X, the project highlighted some figures reached during this period:
But especially the latter has plunged in recent months. After record volumes in January, just before Donald Trump took office as US president, trading activity on Solana's decentralized exchanges cooled significantly.
According to DefiLlama data, current trading volume across all Solana DEXes is about $1.1 billion. By comparison, on January 18 the blockchain hit a record of nearly $36 billion.
This has led to a sharp drop in the network's revenue. Compared with the January peak, the blockchain has lost about 90 percent of its transaction fees.
The reduced trading volume is also visible in price development. SOL fell almost 5 percent from the previous day. At the time of writing, Solana's price stands at $129.34.
Liquidations on the derivatives markets show that in the last 24 hours $13.3 million has vaporized. Investors with LONG positions were especially hit by this minor correction.
Initially it looked like Solana's birthday could bring a positive turn for the price. SOL even briefly hit a weekly high of $136.
A glimmer of hope for the price is the potential approval of Solana Spot ETFs in the United States. Several asset managers have already filed applications, with BlackRock seen as a promising candidate.
