Solana DEX trading volume hits post-2024 low… SOL faces a test at the $80 support level

Solana (SOL) decentralized exchange (DEX) trading volume has fallen to its lowest level since 2024, intensifying downside pressure on the price. However, DApp revenue metrics remain resilient, keeping attention on whether the $80 support level will hold.

According to Cointelegraph on the 31st (local time), after being capped by resistance at $93, Solana has fallen about 11% and has tested the $80 support level multiple times.

On-chain indicators are also showing a slowdown. Solana network fees declined 42%, from $30 million in January to $18.5 million in March, a move largely attributed to weaker DEX trading volume.

Solana DEX trading volume has in fact fallen to $55.5 billion, the lowest since September 2024. Competition from the Ethereum ecosystem is also intensifying. Ethereum DEX trading volume declined to $41.0 billion, but when layer-2 networks (Base, Arbitrum, Polygon, Optimism, etc.) are included, market share expanded from 33% in January to 42% in March.

This trend is being cited as a key factor behind SOL’s price weakness. Some in the market say that if the $80 support level breaks, a retest of $75 could be in play.

Fundamentals, however, are sending mixed signals. Over the past 30 days, Solana has outpaced rival chains in the number of DApps posting more than $1 million in revenue.

Solana recorded 13 DApps that meet the threshold. Ethereum had 11, while BNB Chain and Base were each around 4.

This is being interpreted as a positive sign for developer inflows and ecosystem expansion. Major projects including Pump, Helium Network, and the ORE protocol continue to generate revenue.

As a result, some analysts say that even with declining trading volume, the resilience of the DApp revenue base limits the likelihood that SOL will translate into a sharp near-term selloff.