Solana DEX trading volume has dropped to a phase low, and the risk for SOL is focused on the $80 threshold

According to Cointelegraph, Solana's native token SOL fell about 11% after hitting resistance at $93 last Wednesday, showing significantly weaker performance compared to the overall cryptocurrency market, and has tested the $80 support level multiple times. Meanwhile, Solana network fees have declined for two consecutive months, raising market concerns that its price may further retrace to the $75 level.

In addition, in March, Solana network fees dropped to $18.5 million, a 42% decrease from January's $30 million, mainly affected by the shrinking trading volume of decentralized exchanges (DEX). Data shows that Solana DEX trading volume fell to $55.5 billion, the lowest level since September 2024. Solana's current total value locked (TVL) is approximately $6.3 billion, still significantly lagging behind Ethereum's $54.1 billion. However, in the past 30 days, Solana network fees remain 80% higher, mainly due to Ethereum reducing mainnet fees through Layer 2 Rollup and data Blob mechanisms.