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Solana (SOL) faces bearish pressure on all fronts, from price action and trading volume to revenue falls. On the cryptocurrency market, Solana’s revenue has notably declined from its January figures.
Solana’s staggering revenue collapse in 60 days
As of March 10, 2025, data from DefiLlama show that the Solana Chain Revenue declined by over 93% compared to January 2025. A total of 11,310 SOL was raked in as revenue. With the market value of SOL at an average of $128, this brings the total revenue generated to $1,447,680.
Godfrey BenjaminIn contrast, as of Jan. 20, Solana Chain Revenue stood at $41.77 million. Notably, in the month of January, SOL had good market performance, with a price value of over $200. On Jan. 20, 2025, the market price of SOL stood at $242.
This gives a staggering difference of $40,322,320, or 96.5% of revenue within 60 days.
Analysts have attributed the sharp fall to the price performance of SOL in the market space. Since mid-February, SOL has steadily declined after breaching the psychological $200 level. The coin has not been able to post a rebound to cross $200 in the last 25 days.
According to CoinMarketCap data, the SOL price was changing hands at $124.39 as of this writing, a 1.06% rise in the last 24 hours. Meanwhile, the trading volume remains down by 28.42% to $4.4 billion.
Can SOL escape death cross formation?
Experts consider SOL's poor price performance central to the many challenges the blockchain is experiencing. They believe this has caused investors to lose confidence in the ecosystem.
Unfortunately, Solana’s technical indicators do not look so promising. The coin inches progressively closer to forming a possible death cross as it faces bearish pressure.
If SOL cannot avoid the death cross formation, experts predict more liquidations could occur, further worsening the outlook.
Dan Burgin
Vladislav Sopov