coinedition.com
The price of Solana ($SOL) has fallen 4.4% over the past day to $84.90, extending its year-long decline to 38%. The dip follows a global crypto market downturn, with Bitcoin falling 4.2% to $66,500 at press time, wiping out all weekly gains.
Meanwhile, Solana’s on-chain metrics show declines in total value locked (TVL) alongside recurring liquidations of leveraged positions.
TVL and DeFi Activity Slightly Decline
Along with the token’s price, Solana’s total value locked (TVL) decreased by 1.89% over the past 24 hours to $6.544 billion, according to DefiLlama. Major protocols recorded mostly small declines: Kamino ($2.054B, -0.91%), Sanctum ($1.318B, -3.83%), Jito ($1.087B, -4.3%), Raydium ($1.015B, -4.33%), and DoubleZero ($877.5M, -3.42%).
Jupiter was the exception, gaining 0.25% to $2.045B. Net inflows totaled $2.12 million, indicating mild but steady user activity.
Network Usage and Fees
Despite the price drop, DEX trading over the last 24 hours totaled $1.589 billion, while perpetuals reached $1.024 billion. Solana continues to rank among the highest-volume blockchains, often matching or exceeding activity on major centralized exchanges.
Meanwhile, Solana processed 825.7 million transactions in the week ending March 26. However, its share of total crypto transactions dropped to 44%, down from 69% the previous week.
Over the past 24 hours, the network recorded 116.8 million transactions and 5 million active addresses. Chain revenue reached $738,000, while total fees came in at $561,528.
Commentator Hinata noted that Solana’s low-cost, high-speed transactions, combined with fee burning, create a feedback loop that supports decentralization and long-term network value.
High-Leverage Liquidations Affect Price
Seperately, analyst CW posted that high-leverage $SOL longs had been “liquidated again,” emphasizing that greed leads to liquidation. Notably, $14.06 million was liquidated in the past day with long positions accounting for $13.1 million.
For now, technical analysis shows mixed signals. Most moving averages indicate a sell, while oscillators remain neutral. As Solana consolidates in the $80–$90 range, the path to recovery will likely depend on Bitcoin’s rebound and easing geopolitical tensions in the Middle East.
At the moment, investors are cautious about risk assets like crypto and are pulling funds away.
Related: Solana Price Prediction: $SOL Falls To $86 As Rising Triangle Breaks Down