Solana TVL drops 40% as SOL price risks further losses to $110
Solana price is 41% down in 30 days, driven by decreasing memecoin activity and a plunge in its network TVL with a SOL double-top pattern playing out.
Solana’s (SOL) price trades 52% below its all-time high of $295 on Jan. 19. The 41% drawdown over the last month accompanies a 40% drawdown in the total value locked on Solana, with SOL’s technical setup pointing to further losses ahead.
The total value locked (TVL) on the Solana blockchain has plummeted 39.2% over the last month, the largest monthly drawdown since November 2022, when the FTX exchange collapsed.
Solana’s TVL has fallen from an all-time high of $12.1 billion reached on Jan. 24 to $7.4 billion at the time of writing.
