Solana crashes below $100 for the first time in over a year

Solana one-day price chart. Source: FinboldSolana on-chain data shows sharp decline in network activity

As Solanas price tanks, its on-chain fundamentals are weakening in tandem. The number of active addresses on the Solana network has fallen to 2.99 million as of April 4, based on the 7-day moving average (7DMA).

That‘s down significantly from January’s peak near 5.69 million and represents a six-month low in sustained user activity.

A recent report from asset manager VanEck highlighted the extent of this decline. In March alone, Solanas average transaction fees plunged by 66%, stablecoin transfer volume dropped 34%, and decentralized exchange (DEX) activity fell by more than half.

Once seen as a rising competitor to Ethereum (ETH), Solanas share of smart contract platform (SCP) DEX volume has now shrunk to its lowest point since October 2024.

Much of this drop has been attributed to the cooling

meme coin

frenzy. Daily meme coin volumes on Solana collapsed from a peak of $12 billion in January to just $720 million by the end of March. Memecoins, excluding stablecoins and SOL, accounted for 92% of Solana‘s remaining trading volume in March showing their outsized influence on the network’s revenues.

Despite the harsh correction, Solanas core investor base appears to be holding firm. According to data from , the recent price crash triggered liquidations totaling $73 million in leveraged positions, yet overall sentiment among long-term holders remains surprisingly steady, as evident from the derivatives data.

Institutional adoption also continues to grow, with PayPal recently expanding its crypto offerings to include Solana, an integration that could help bring the asset closer to mainstream retail users.