Solana DEX trading volume drops to its lowest point since September 2024, with the market focusing on the $80 support level.

Odaily Planet Daily News: After Solana native token SOL met resistance at $93 last Wednesday, it pulled back by about 11%. Its recent performance has clearly lagged behind the broader crypto market, and it has tested the $80 support level multiple times. Meanwhile, Solana network fees have been declining for two consecutive months, and the market is worried that its price may further retest the $75 level. On-chain data shows that Solana’s current total value locked (TVL) is about $6.3 billion, still significantly below Ethereum’s $54.1 billion. However, Solana network fees over the past 30 days are still higher by 80% than Ethereum’s, mainly because Ethereum reduces mainnet costs through Layer2 Rollup and data Blob mechanisms.

Looking at the details, Solana’s March network fees fell to $18.5 million, down 42% from January’s $30 million. This was mainly driven by a contraction in trading volume on decentralized exchanges (DEXs). Data shows that Solana’s DEX trading volume dropped to $55.5 billion, the lowest level since September 2024. By comparison, Ethereum’s March DEX trading volume was $41 billion, down 23% from two months earlier. But if you add Layer2 networks such as Base, Arbitrum, Polygon, and Optimism, their combined DEX market share has risen from 33% in January to 42%, posing a challenge to Solana’s dominance—and to a certain extent also explains SOL’s current pressured performance trend.

However, from an ecosystem fundamentals perspective, Solana still has support. In the past 30 days, Solana has 13 DApps with revenue exceeding $1 million, ahead of Ethereum’s 11, as well as BNB Chain and Base, which have 4 each. Protocol revenues, including projects such as Helium Network, continue to attract attention from developers and capital. Overall, despite the decline in DEX activity dragging down short-term performance, Solana’s ecosystem profitability and developer appeal are still there. The market has yet to find sufficient evidence to suggest that SOL will inevitably fall below the $75 support level due to the decline in network fees. (Cointelegraph)