SOL（SOL）在3月25日短暫觸摸147美元後，面臨8％的急劇拒絕

在過去的三個星期中，索爾一直在努力收回150美元的水平，這導致交易者質疑看漲的勢頭是否勢頭

Solana's native token, SOL (SOL), faced a sharp 8% rejection after briefly touching $147 on March 25. For the past three weeks, SOL has struggled to reclaim the $150 level, leading traders to question whether the bullish momentum originally driven by memecoin speculation and the rise of artificial intelligence sectors is coming to an end.

索拉納（Solana）的本地令牌Sol（Sol）在3月25日短暫觸及147美元後面臨8％的急劇拒絕。在過去的三周中，Sol一直在努力收回150美元的水平，使交易者質疑最初是由Memecoin推測和人工智能行業興起的看漲勢頭。

Some analysts believe SOL price could benefit significantly from the eventual approval of a Solana spot exchange-traded fund (ETF) in the United States, as well as the expansion of tokenized real-world assets (RWA), such as stablecoins and money market funds, on the Solana network.

一些分析人士認為，Sol Price最終可以從美國的Solana現貨交易所交易基金（ETF）以及Solana Network上的STableCoins和Money Market Market Funds等代幣化現實世界中的資產（RWA）的擴張中獲得可觀的收益。

Others, like Nikita Bier, co-founder of TBH and Gas startups, highlight that Solana has "the fundamental building blocks for something to break out on mobile."

其他人，例如TBH和Gas Startups的聯合創始人Nikita Bier強調，Solana具有“在移動設備上爆發的基本構建塊”。

Source: nikitabier

資料來源：Nikitabier

Bier mentioned the constructive regulatory environment from US President Donald Trump and the long-term impact of the memecoin frenzy, which brought "millions" of new users to Web3 wallets and decentralized applications (DApps). Essentially, Nikita Bier believes Solana is well-positioned due to its streamlined onboarding experience for mobile users.

比爾（Bier）提到了美國總統唐納德·特朗普（Donald Trump）的建設性監管環境以及Memecoin Frenzy的長期影響，後者將“數百萬”新用戶帶到Web3錢包和分散申請（DAPPS）。從本質上講，尼基塔·比爾（Nikita Bier）認為，由於Solana為移動用戶精簡了登機經驗，因此Solana的位置良好。

Lackluster Bitcoin reserve announcement hurt all cryptocurrencies

平淡的比特幣儲備公告傷害了所有加密貨幣

Despite the potential for establishing a “consumer-grade” marketplace for DApps, most traders experienced losses as the memecoin mania faded and onchain volumes plunged. This decline has led investors to wonder if SOL has the strength to reclaim levels above $150.

儘管有潛力為DAPP建立“消費級”市場，但隨著Memecoin Mania的衰落和OnChain量的趨勢，大多數交易者遭受了損失。這種下降使投資者懷疑索爾是否有能力將水平收回至150美元以上。

Beyond the waning interest in DApps, Solana is also facing growing competition from other blockchains. Additionally, the realization that the US government would not purchase altcoins for its strategic reserve and digital asset stockpile was a major disappointment for some investors.

除了對DAPP的興趣減弱之外，Solana還面臨著其他區塊鏈的競爭。此外，意識到，美國政府不會為其戰略儲備和數字資產庫存購買山寨幣，這對某些投資者來說是一個重大的失望。

On March 6, President Trump signed a bill allowing budget-neutral strategies for the US Treasury to acquire Bitcoin (BTC), while altcoins in government possession could be strategically sold. In fact, there was no explicit mention of Solana or any other altcoin in the Digital Asset Stockpile executive order.

3月6日，特朗普總統簽署了一項法案，允許美國財政部獲得比特幣（BTC）的預算中立策略，而政府擁有的替代幣則可以戰略性地出售。實際上，在數字資產庫存行政命令中，沒有明確提及Solana或任何其他Altcoin。

Some may argue that the Solana ecosystem extends far beyond memecoin trading and token launchpads, with total value locked (TVL) increasing in liquid staking, collateralized lending, synthetic assets, and yield platforms. However, Solana’s fees and DApp revenues have continued to decline. Reduced onchain activity deters investors from holding SOL, thus limiting its upside potential.

有人可能會爭辯說，Solana生態系統遠遠超出了Memecoin交易和令牌發射台的範圍，總價值鎖定（TVL）的液體積分，抵押貸款，合成資產和產量平台的增加。但是，Solana的費用和DAPP收入一直在下降。減少的OnChain活動阻止了投資者持有SOL，從而限制了其上升潛力。

Solana 7-day DApp revenues (left) and chain fees (right), USD. Source: DefiLlama

Solana 7天DAPP收入（左）和連鎖費（右），美元。資料來源：Defillama

Solana DApp revenues totaled $12 million in the seven days leading up to March 24, down from $23.7 million just two weeks earlier. Similarly, base layer fees reached $3.6 million in the same period, a sharp drop from $6.6 million in the seven days ending March 10. Interestingly, this decline occurred while the total value locked (TVL) remained stable at 53.2 million SOL.

索拉納·達普（Solana Dapp）的收入在3月24日的7天內總計1200萬美元，低於兩週前的2370萬美元。同樣，基本層的費用在同一時期達到360萬美元，截至3月10日的7天的660萬美元急劇下降。有趣的是，這一下降發生了，而總價值鎖定（TVL）保持穩定為5320萬溶膠。

Related: Specialized purpose DEXs poised for growth in 25 — Curve founder

相關：專門的目的DEXS準備增長25-曲線創始人

Solana is no longer the dominant network in DEX volumes

Solana不再是DEX體積中的主要網絡

The drop in Solana’s onchain activity is particularly concerning given that BNB Chain surged to the top spot in DEX volumes, despite having 34% less TVL than Solana, according to DefiLlama data.

根據Defillama的數據，儘管BNB鏈在DEX量中升至最高點，但Solana的OnChain活動的下降尤其令人擔憂，儘管TVL比Solana少了34％。

Decentralized exchanges volume market share. Source: DefiLlama

分散的交換批量市場份額。資料來源：Defillama

In terms of volume, Solana dominated the DEX industry from October 2024 to February 2025 but has recently lost ground to Ethereum and BNB Chain. As a result, part of SOL’s price weakness stems from a decline in Solana’s onchain activity compared to its competitors. For instance, trading volume on Hyperliquid increased by 35% over the past seven days, while activity on Pendle surged by an impressive 186%.

在數量方面，Solana從2024年10月到2025年2月在DEX行業中佔據了主導地位，但最近失去了以太坊和BNB鏈。結果，與競爭對手相比，SOL價格弱點的一部分源於Solana的OnChain活動的下降。例如，在過去的七天中，超流動性的交易量增加了35％，而彭德爾（Pendle）的活動飆升了186％。

Although fundamentals do not indicate an imminent rally above $150, the Solana network uniquely combines an integrated user experience with a degree of decentralization that has proven successful. For example, while BNB Chain and Tron offer similar scalability, neither has had a wallet or DApp rank among the top 10 on the Apple App Store—unlike Solana’s Phantom Wallet in November 2024. This fact highlights the potential for Solana to attract a broader user base than its competitors.

儘管基本原理並未表明即將集會高於150美元，但Solana網絡獨特地將綜合用戶體驗與已證明成功的權力下放化相結合。例如，儘管BNB鍊和Tron提供了類似的可伸縮性，但既沒有在2024年11月的Apple App Store的前十名中都有錢包或DAPP排名。