Solana’s trading volume has dropped significantly to 3 million USD, the lowest in 2024, and SOL’s price has decreased by 36% this month. The loss of key support levels suggests further declines may be imminent.

The total value locked in Solana protocols has nearly halved to 6.69 billion USD since January, reflecting a growing lack of investor confidence. Continuous liquidity outflows show that investors are selling their assets.

Despite the overall bearish trend, some traders in the derivatives market are taking long positions, indicating mixed market sentiment. The OI-weighted funding rate has turned positive, suggesting potential for a rebound if the lost support level is reclaimed.