Solana (SOL) is currently trading at 196.74 USD, down 32% from its record high of 295 USD. The onchain transaction volumes have decreased significantly, indicating lower activity on decentralized exchanges.

The drop in memecoin trading has negatively impacted SOL’s price. Current sentiment among traders is worsened, with funding rates remaining negative, reflecting a more pessimistic outlook since February 2.

Despite the decline, Solana maintains a total value locked (TVL) of 46.5 million SOL. There are speculations about an upcoming approval for a spot SOL ETF in 2025, potentially attracting institutional investments.