Once hailed as the breakout star of the post-pandemic crypto era, Solana [SOL] now finds itself at a critical crossroads.

As it marks its fifth anniversary, the high-speed blockchain that once rivaled Ethereum [ETH] in buzz and activity is grappling with a sobering downturn.

DEX volume has cratered — from a robust $36 billion peak to a mere $988 million, the lowest so far this year.

With Open Interest also tumbling, is Solana simply experiencing a temporary lull, or is this the start of a deeper structural unraveling?Happy birthday, Solana!

Launched in March 2020, Solana entered the scene promising unmatched speed and scalability — positioning itself as a next-gen Layer 1 chain built for mass采用。

在一个强大的开发人员社区和日益增长的兴趣的支持下，它迅速升起，成为NFT项目和高频交易平台的最爱。

在其顶峰上，索拉纳（Solana以太坊杀手。”但是五年过去了，风景已经发生了变化。

尽管有技术升级和生态系统的努力，但索拉纳现在仍与量的下降和衰落的市场热情竞争，促使人们更深入地了解出了问题所在。

dex活动和开放兴趣息秒

来源：Artemis

agremis

下降幅度很大且无情，几乎没有恢复的希望。这种敏锐的下滑反映了交易活动的衰落，用户参与度降低，并可能流动性迁移到其他地方。

来源：Coinglass

期货数据增加了关注点。 Sol Futures的开放兴趣已从超过50亿美元跌至今年3月的30亿美元以上，尽管Sol的价格未能持有150美元以上。

这种不同的信号表明投资者的定罪淡出了。

曾经称为以太坊最激烈的竞争对手，其订单簿中的沉默越来越难以忽视。

solana Price Outlook SOL在新闻发布会上以128.81美元的价格越来越难以忽视。 The RSI hovered near 41, indicating weak bullish momentum and remaining well below the neutral 50 mark.

The OBV was at 64.96 million, shows no meaningful spike in buying pressure — signaling a lack of conviction behind the rebound.

Source: TradingView

Price action also reflects a clear lower-high, lower-low structure stretching since late February, reinforcing the bearish 趋势。除非公牛令人信服地收回$ 140的水平，否则SOL可能会进一步偏低。

随着数量减少和情感冷却，下一个钥匙支持均接近120美元 - 任何以下的休息时间都可能引起更尖锐的校正。