Solana News: TVL Drops 25% in Two Weeks as SOL Price Faces Extreme Bearishness, DTX Exchange Garners Attention

The recent introduction of meme coins like TRUMP and MELANIA made massive Solana news, catalyzing a dramatic surge in the SOL price. However, due to broader

Solana (SOL) price faced immense selling pressure last week as the hype around meme coins like TRUMP and MELANIA coin fizzled out. After surging past $220 following the meme coin launch, SOL price dropped to a low of $190 on Monday morning.

However, the selling pressure on Solana was not limited to meme coins. According to DeFiLlama, Solana's Total Value Locked (TVL) dropped by 25% in two weeks, falling from $12.15 billion on March 1 to $9.11 billion on Monday morning. This marked a massive $3.04 billion decline in the value of assets locked in Solana DeFi protocols.

Solana price initially surged following the launch of meme coins pegged to U.S. President Donald Trump and First Lady Melania Trump. These coins quickly became the top gainers on Binance Pay, Binance's payment service, and sparked interest in Solana.

However, the meme coin hype appeared to be short-lived as zainteresowanie shifted elsewhere. Moreover, the broader market also experienced a downturn, with Bitcoin (BTC) price dropping below $45,000 on Monday morning.

Solana price performed well amid the positive news, surging by 55% year-to-date in 2025. However, the price pulled back from highs above $200 last December. Over the past seven days, SOL price dropped by 18.38%, driving the market capitalization below the $95 billion mark.

Courtesy: TradingView

On the 4-hour chart, Solana price attempted a double bottom formation, recovering from lows of $190 at a local support level. If momentum continues, the next resistance level to watch is $220 over the coming week.

But a drop below the base of the reversal pattern would confirm further downside, potentially pushing Solana price toward $160, which would be a further 18% decline from current levels.

Major Solana news that could drive the price direction in H2 would be the approval of a Solana ETF. Recently, an application was filed with the SEC for a physically-backed Solana ETF, which could be a major catalyst for the SOL token if approved.

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