Solana’s (SOL) price has taken a hit, dropping 15% from its weekly high to $127 on Saturday. This marks its lowest level since March 2021 as a broader crypto sell-off impacts its meme coin ecosystem.
Several Solana-based meme coins have seen steep declines. Fartcoin lost 15%, while Popcat, ai16z, and Bonk (BONK) fell by more than 10%. The total market cap of Solana meme coins shrank by $18 billion, now sitting at $7.2 billion.
Solana’s DEX Volume Surges Despite Price Drop
While prices are falling, Solana’s decentralized exchange (DEX) activity has spiked. DeFi Llama data shows that Solana’s DEX volume surged by 60% over the past seven days, reaching over $3 billion.
For the first time in weeks, Solana’s DEX protocols outperformed Ethereum ($11.35B) and BSC ($8.9B) in volume. Most of this activity came from Pump, which handled $2.8 billion in transactions, surpassing top Solana DEXs like Orca, Meteora, Raydium, and Lifinity.
Institutional Interest Grows with BlackRock’s BUIDL Expansion
Despite the price dip, Solana received positive news. BlackRock, the world’s largest asset manager, expanded its BUIDL money market fund to the Solana network. BUIDL’s assets have grown to over $1.86 billion, signaling increased institutional interest in Solana’s ecosystem.
Solana Price Prediction: Will It Drop to $100?
Technical analysis suggests a bearish outlook for Solana. The coin has dropped from January’s high of $295.45 to its current levels, forming a bearish flag pattern—a sign of further decline.
Adding to the concern, Solana formed a death cross on March 4, where the 50-day and 200-day moving averages flipped downward. If Solana falls below the $120 support level, which has held since April 2023, the next target could be $100.
