Solana price could crash to $100 as DEX volume, chain fees plunge

Here’s why Pi Network, Jasmy, LTC, Ethena, and altcoins are down

Solana’s price remains in a bear market after falling over 57% from its highest level this year, with further downside likely.

Here’s why Pi Network, Jasmy, LTC, Ethena, and altcoins are down

Solana dropped to $126.5 on March 21, bringing its market cap to $64.45 billion — down from over $127 billion just a few months ago, wiping out approximately $63 billion in value. The ongoing Solana crash has been driven by major challenges within its ecosystem. Its meme coin market has collapsed, with the total market cap of Solana-based meme coins dropping from over $25 billion in January to $7.2 billion. Currently, only Official Trump maintains a market cap above $1 billion. This decline has led to a significant drop in the trading volume handled by Solana-based decentralized exchanges such as Raydium, Orca, and Meteora.

Here’s why Pi Network, Jasmy, LTC, Ethena, and altcoins are down

In comparison, DEX protocols on the BSC network handled $14.2 billion during the same period, while Ethereum DEXs processed $9.65 billion. Over the last 30 days, Solana’s DEX protocols handled $61 billion in volume, trailing Ethereum’s $78 billion. This marks a major reversal, as Solana had been the most active chain for DEX trading since October last year. The decline has also impacted network revenue. Data shows that Solana generated $21.2 million in revenue this month, down from $90 million last month and a peak of $258 million in January.