Solana Price Rejected at $147—Can $137 Hold or Is $150 Rally Over?

Solana (SOL) price lost bullish momentum after failing to sustain above $147 on March 25. The native token now trades near $137, down 8% from last week’s peak.

The rejection has raised doubts about SOL’s ability to reclaim the $150 level. It had previously acted as resistance since early March, when speculative memecoin inflows and AI-linked narratives fueled short-term rallies.

Trader Sentiment Fades as Onchain Activity Declines

Solana’s onchain activity has fallen despite stable total value locked (TVL) levels.

DefiLlama said Solana’s DApp revenues dropped from $23.7 million to $12 million in two weeks. In the same period, base layer fees declined from $6.6 million to $3.6 million. TVL remained steady at 53.2 million SOL, signalling fewer active users despite locked capital.

This drop in revenues coincided with a broader decline in memecoin trading, which had previously drawn attention to the network. The shift in activity has hurt trader sentiment.

According to Santiment, SOL remains one of the most discussed assets across Reddit, Telegram, X, and other forums. However, high engagement hasn’t translated into sustained demand, as volumes and fees fell.

BNB Chain Overtakes Solana in DEX Volumes

Competition from rival blockchains has compounded the pressure on SOL. DefiLlama data shows BNB Chain surpassed Solana in decentralized exchange (DEX) volumes, despite holding 34% less TVL.

Ethereum has also regained traction as trading volumes rise on platforms like Pendle and Hyperliquid, which saw a 186% and 35% uptick, respectively.

Solana had dominated DEX activity from Oct. 2024 to Feb. 2025. The recent shift suggests traders now favor other networks for liquidity and execution.

Analysts Split on Solana Price Long-term Potential

Despite recent losses, some analysts maintain a positive long-term outlook for Solana.

Nikita Bier, co-founder of TBH and Gas, said Solana has the “fundamental building blocks” for mobile-first decentralized applications. He cited President Donald Trump’s crypto-friendly stance as a tailwind for U.S.-based blockchain platforms.

Bier emphasized the memecoin craze introduced “millions” of new users to Web3 wallets, making Solana’s mobile onboarding more relevant.

He also called attention to Solana’s Phantom wallet, which ranked in Apple’s top 10 apps in Nov. 2024.

The Crypto Monk shared a more tactical view, posting: “Golden area to refill some $SOL. Next stop, $180!” Meanwhile, BATMAN pointed to a key technical retest, stating,

“Looks like $SOL is heading for a retest towards its golden Fibonacci level.”

ETF Hopes and Real-world Assets Provide a Potential Catalyst

Some market participants continue to bet on structural catalysts for a renewed rally.

These include the anticipated approval of a Solana spot exchange-traded fund (ETF) in the United States and the expansion of tokenized real-world assets (RWA) on the Solana blockchain, such as stablecoins and money market funds.

However, hopes of U.S. government accumulation of altcoins were dashed earlier this month.

President Trump’s Digital Asset Stockpile executive order mentioned only Bitcoin. The bill permits budget-neutral strategies for the U.S. Treasury to acquire BTC but left altcoins like Solana out.

$137 Becomes Critical Support Level for Solana Price

SOL now trades at $137.10, down 4.10% over the past 24 hours. The $137 level has become key as traders look for signs of a potential bottom.

The failure to sustain above $150, coupled with fading DApp activity and rising competition, raises questions about Solana’s near-term upside.

Without renewed user growth or protocol-level revenues, SOL’s recovery may depend on broader crypto market sentiment—or confirmation of an ETF narrative that has yet to materialize.