SOL（SOL）在3月25日短暂触摸147美元后，面临8％的急剧拒绝

在过去的三个星期中，索尔一直在努力收回150美元的水平，这导致交易者质疑看涨的势头是否势头

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.

索拉纳（Solana）的本地令牌Sol（Sol）在3月25日短暂触及147美元后面临8％的急剧拒绝。在过去的三周中，Sol一直在努力收回150美元的水平，使交易者质疑最初是由Memecoin推测和人工智能行业兴起的看涨势头。

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.

一些分析人士认为，Sol Price最终可以从美国的Solana现货交易所交易基金（ETF）以及Solana Network上的STableCoins和Money Market Market Funds等代币化现实世界中的资产（RWA）的扩张中获得可观的收益。

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的联合创始人Nikita Bier强调，Solana具有“在移动设备上爆发的基本构建块”。

Source: nikitabier

资料来源：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.

比尔（Bier）提到了美国总统唐纳德·特朗普（Donald Trump）的建设性监管环境以及Memecoin Frenzy的长期影响，后者将“数百万”新用户带到Web3钱包和分散申请（DAPPS）。从本质上讲，尼基塔·比尔（Nikita Bier）认为，由于Solana为移动用户精简了登机经验，因此Solana的位置良好。

Lackluster Bitcoin reserve announcement hurt all cryptocurrencies

平淡的比特币储备公告伤害了所有加密货币

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.

尽管有潜力为DAPP建立“消费级”市场，但随着Memecoin Mania的衰落和OnChain量的趋势，大多数交易者遭受了损失。这种下降使投资者怀疑索尔是否有能力将水平收回至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.

除了对DAPP的兴趣减弱之外，Solana还面临着其他区块链的竞争。此外，意识到，美国政府不会为其战略储备和数字资产库存购买山寨币，这对某些投资者来说是一个重大的失望。

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，特朗普总统签署了一项法案，允许美国财政部获得比特币（BTC）的预算中立策略，而政府拥有的替代币则可以战略性地出售。实际上，在数字资产库存行政命令中，没有明确提及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.

有人可能会争辩说，Solana生态系统远远超出了Memecoin交易和令牌发射台的范围，总价值锁定（TVL）的液体积分，抵押贷款，合成资产和产量平台的增加。但是，Solana的费用和DAPP收入一直在下降。减少的OnChain活动阻止了投资者持有SOL，从而限制了其上升潜力。

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

Solana 7天DAPP收入（左）和连锁费（右），美元。资料来源：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.

索拉纳·达普（Solana Dapp）的收入在3月24日的7天内总计1200万美元，低于两周前的2370万美元。同样，基本层的费用在同一时期达到360万美元，截至3月10日的7天的660万美元急剧下降。有趣的是，这一下降发生了，而总价值锁定（TVL）保持稳定为5320万溶胶。

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

相关：专门的目的DEXS准备增长25-曲线创始人

Solana is no longer the dominant network in DEX volumes

Solana不再是DEX体积中的主要网络

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.

根据Defillama的数据，尽管BNB链在DEX量中升至最高点，但Solana的OnChain活动的下降尤其令人担忧，尽管TVL比Solana少了34％。

Decentralized exchanges volume market share. Source: DefiLlama

分散的交换批量市场份额。资料来源：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%.

在数量方面，Solana从2024年10月到2025年2月在DEX行业中占据了主导地位，但最近失去了以太坊和BNB链。结果，与竞争对手相比，SOL价格弱点的一部分源于Solana的OnChain活动的下降。例如，在过去的七天中，超流动性的交易量增加了35％，而彭德尔（Pendle）的活动飙升了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.

尽管基本原理并未表明即将集会高于150美元，但Solana网络独特地将综合用户体验与已证明成功的权力下放化相结合。例如，尽管BNB链和Tron提供了类似的可伸缩性，但既没有在2024年11月的Apple App Store的前十名中都有钱包或DAPP排名。