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Solana (SOL) Faces 77% Decline as Technical Patterns Signal Potential Drop to $60

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Brian Armstrong's Bold Prediction: AI Agents Will Soon Dominate Global Financial

Key Highlights

  • Solana has achieved the highest number of all-time unique developers at 10,864, overtaking Ethereum’s 9,017 total
  • Current SOL price sits at approximately $82.70, representing a massive decline from the 2025 high-water mark, with technical analyst Wealthmanager forecasting a decline toward $60
  • Three consecutive rejections at the $250 resistance zone demonstrate persistent selling pressure at that critical threshold
  • The number of active DEX traders on Solana has collapsed to levels not seen in three years, indicating diminished on-chain engagement
  • Technical analyst Crypto Patel identifies the present price zone near the 0.618 Fibonacci level as a possible long-term buying opportunity spanning $75 to $45

Solana (SOL) currently hovers around the $82.70 price point, maintaining a market capitalization exceeding $47 billion. The digital asset has experienced a dramatic pullback of more than 77% from its 2025 record high. Widespread cryptocurrency market turbulence has significantly impacted the token’s valuation despite impressive underlying network statistics.

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Solana (SOL) Price

Network performance metrics remain robust. Solana has overtaken Ethereum in cumulative unique developer participation, boasting 10,864 contributors versus Ethereum’s 9,017 count. Polkadot occupies third position with 8,995 developers. The blockchain consistently handles more than 3,000 transactions every second on an ongoing basis.

However, solid fundamental indicators have failed to drive upward price momentum. SOL has encountered rejection at the $250 resistance threshold on three separate occasions. This price level has established itself as a formidable barrier where selling pressure reliably materializes.

Futures trading volume has experienced a pronounced decline following the previous peak. Bubble map analytics reveal diminishing demand throughout the market, with the intense buying activity that previously fueled the surge now notably absent.

Bearish Outlook: $60 Target Emerges

Technical analyst Wealthmanager identifies a well-defined macro bearish trend extending from the 2025 apex. SOL continues forming successive lower peaks and troughs. Resistance spanning $100 to $120 has consistently repelled every upward correction effort.

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Wealthmanager holds a short position outlook and anticipates a decline reaching the $60 threshold within a fortnight. Unconvincing bounce formations indicate that buyers currently lack sufficient strength to counteract prevailing downward pressure.

Should this support level fail, the $60–$65 demand area represents the subsequent critical zone for observation. This price range previously provided foundation during the 2024 uptrend.

Examining the two-day timeframe, price movements are developing what analyst Crypto Patel characterizes as a rising wedge configuration. This technical structure has emerged beneath the 200-week moving average. The pattern generally functions as a bearish continuation indicator when appearing following a substantial downturn.

The chart displays a rejection area positioned near the wedge’s upper boundary. A breakdown through the lower trendline would potentially trigger another downward wave.

On-Chain Metrics Show Deterioration

An additional chart published by analyst Sweep using Dune Analytics reveals DEX trader participation on Solana descending to approximately three-year lows. Wallet counts across Solana-based decentralized exchanges experienced substantial growth throughout 2024 but have subsequently undergone sharp reversal.

The metric monitors trader quantity rather than aggregate transaction value. Nevertheless, the retreat to multi-year minimums underscores a pronounced deceleration in speculative network activity.

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Contrarian Long-Term Perspective Remains

Crypto Patel interprets the current trading zone through an alternative lens focused on extended timeframes. He observes Solana is positioned near the 0.618 Fibonacci retracement boundary, spanning $75 to $45. This region corresponds with historical support zones and previous consolidation phases.

He designates this as a prospective accumulation territory, projecting long-term price objectives between $500 and $1,000 across multiple market cycles. He maintains this technical framework remains valid provided price action avoids a definitive breach below $45.

Analyst Moonbag shares a comparable perspective, highlighting price consolidation between support around $80 and resistance approaching $200. He envisions a potential upside breakout targeting $400–$600 should broader market sentiment strengthen.

As of publication, SOL is valued at $82.70.

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Bitcoin stabilizes at $66K as SIREN jumps and PI rebounds

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Bitcoin, Ether drop as war tensions shake markets

Bitcoin held above $66,000 through most of the weekend, even as some traders expected sharper moves. 

Summary

  • Bitcoin stayed above $66,000 for 36 hours after rebounding from Friday’s four-week low near $65,500.
  • Major altcoins showed limited movement, while Bitcoin dominance slipped to 56% and market cap stalled.
  • SIREN surged 13% to $1.80, while PI rebounded above $0.18 after recent weakness.

The steady action followed a volatile week that pushed the asset from near $72,000 to a four-week low before it recovered.

Most large-cap altcoins tracked Bitcoin’s calmer pace. Ethereum, XRP, Solana, and BNB posted only small moves, while a few smaller tokens recorded wider swings.

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Bitcoin entered the weekend after several quick moves during the week. It traded above $70,000 last weekend, then dropped toward $67,500 on Monday as broader market tension returned.

The asset then climbed close to $72,000 after US President Donald Trump said the United States had reached a “de-escalation deal” with Iran. That move faded after Iran denied the claim, which pushed Bitcoin back toward $69,000.

Buyers lifted Bitcoin again to the $72,000 area on Wednesday morning. That rebound did not last, and another rejection followed later in the week.

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By Friday, Bitcoin had fallen to around $65,500, its lowest level in four weeks. It then recovered and stayed above $66,000 for roughly 36 hours, showing a more stable pattern than some weekend forecasts had suggested.

Market cap and dominance stay under pressure

Despite the recovery from Friday’s low, Bitcoin’s market capitalization remained near $1.330 trillion. Its share of the total crypto market also slipped, with dominance standing at 56% on CoinGecko data.

The broader crypto market showed little change during the same period. Total market capitalization stayed near $2.370 trillion, which pointed to a pause in momentum across major digital assets.

Large-cap altcoins mostly moved in a narrow range. ETH, XRP, SOL, and DOGE posted small losses, while BNB, TRX, BCH, XMR, and HYPE recorded modest gains.

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That price action suggested traders remained cautious after the earlier swings. The market did not show strong follow-through in either direction by Sunday.

SIREN surges while PI posts a modest rebound

Among smaller tokens, SIREN remained one of the most active names. The token gained another 13% over the past 24 hours and traded around $1.80.

Its recent trading range has been wide. SIREN had climbed to $3.60 earlier in the week before falling to $1.00, then rebounding again over the following days.

Pi Network’s PI token also moved higher, though at a slower pace. It rose more than 3% on the day and traded near $0.18 after slipping below $0.175.

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Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

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Hyperliquid volume jumps but TradFi still rules commodity depth

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Is Hyperliquid’s $3.64B whale book about to pick a side?

Onchain commodity trading is drawing more attention as traders look for round-the-clock access to oil, gold, and index products. 

Summary

  • Hyperliquid recorded $5.4 billion in macro perpetual volume as silver, oil, gold and indices led.
  • Weekend access kept onchain markets open while traditional commodity venues stayed closed to active traders.
  • Thin liquidity and wider spreads still keep onchain commodity trading below institutional size and execution.

Recent volume data shows that demand is rising, but limited liquidity still keeps traditional markets ahead in scale and execution.

Hyperliquid’s HIP-3 market reached a new record on March 23. The platform posted about $5.4 billion in perpetual futures volume across commodities and macro assets. Silver led activity with $1.3 billion, while WTI crude oil reached $1.2 billion. Brent crude oil recorded $940 million, and gold posted $558 million.

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The rise in volume points to broader interest in onchain macro trading. Equity indices such as the Nasdaq and S&P 500 also drew activity. This shows that traders are using decentralized markets for more than crypto-linked positions.

One of the main strengths of onchain trading is constant market access. Traditional exchanges close for part of the weekend, but decentralized platforms remain open. That gap gives traders a way to respond to geopolitical events and macro news in real time.

Theo chief investment officer Iggy Ioppe said the market is changing. He said, 

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”Previously, onchain commodity futures were mostly a venue for crypto-native investors, that is no longer the whole story.” 

He also said weekend oil futures volume has moved above $1 billion per day while traditional markets remain closed.

This shift has started to shape how prices form outside normal market hours. Traders can react before legacy venues reopen. That creates a role for onchain markets during off-hours, even if most large volume still sits elsewhere.

Despite higher activity, liquidity remains a core issue. Traditional venues still offer deeper order books, tighter spreads, and better execution for large trades. That makes it harder for onchain platforms to handle institutional-sized orders without moving prices.

1inch co-founder Sergej Kunz said traditional venues still lead in liquidity and execution quality. MEXC Research chief analyst Shawn Young also said the sector remains in an early stage, with gaps in price aggregation and market structure still unresolved.

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Growth continues as traders test macro exposure onchain

Market participants still expect further growth. Gold and oil have led the current push, but other asset classes may follow as traders grow more comfortable with onchain access to macro products.

Ioppe said trust in weekend pricing may support more activity over time. As more traders use these markets during off-hours, volume and open interest can grow together. That process may help onchain commodity trading expand, even while traditional markets remain the main source of depth.

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Onchain Commodity Trading Grows, but Liquidity still Favors TradFi

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Onchain Commodity Trading Grows, but Liquidity still Favors TradFi

Onchain commodity trading is proving it’s more than a short-term spike, but limited liquidity continues to hold the market back from competing with traditional venues.

Hyperliquid’s HIP-3 market recorded a new all-time high on March 23, with roughly $5.4 billion in perpetual futures volume across commodities and macro assets. Silver led the activity at $1.3 billion, followed by WTI crude oil at $1.2 billion, Brent crude at $940 million and gold at $558 million. Equity indices, including the Nasdaq and S&P 500, also saw notable volumes.

HIP-3 per volume. Source: Artemis

Industry participants say the spike shows growing demand for macro exposure onchain. “Previously, onchain commodity futures were mostly a venue for crypto-native investors, that is no longer the whole story,” said Iggy Ioppe, chief investment officer at Theo. “The real tell is not just the volume, it’s when the volume shows up and who is showing up to trade.”

Ioppe noted that onchain oil futures markets are now processing more than $1 billion in daily volume over weekends, when traditional exchanges are offline. He said the shift is being driven in part by individual traders from traditional finance, who are accessing these markets through personal accounts. “Geopolitics does not stop on Friday afternoon, and markets are starting to adapt to that fact,” he said.

Related: S&P Dow Jones licenses S&P 500 perpetual futures for Hyperliquid

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Weekend gap gives onchain markets an edge

The ability to trade around the clock has emerged as a defining advantage for onchain venues. With a roughly 49-hour gap between the close of traditional markets on Friday and their reopening on Sunday, decentralized platforms have become one of the few places where traders can react to macro developments in real time.

That dynamic is starting to influence how prices are formed outside regular trading hours, even if the bulk of liquidity still sits in traditional markets. “For now, onchain is the price discovery layer when the rest of the market is asleep,” Ioppe said. “TradFi is still the depth layer when size matters most.”

On the CME, oil futures alone regularly see between 1 million and 4.5 million contracts traded daily, equivalent to roughly $100 billion to $300 billion in notional volume.

Crude oil futures and volume. Source: CME

“Traditional venues still dominate when it comes to liquidity, execution quality, and institutional-scale pricing depth,” Sergej Kunz, co-founder of 1inch, said. He noted that deeper liquidity and tighter spreads remain the main barrier. Without them, onchain markets struggle to handle large trades without moving prices, limiting institutional participation.

Additional challenges include pricing reliability, market structure maturity and regulatory clarity, according to Shawn Young, chief analyst at MEXC Research.

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Young said commodity tokenization shows “signs of real behavioral changes” but remains in an early phase, with gaps in liquidity and price aggregation still to be addressed.

Related: Perp DEXs become the latest battleground for blockchains

Onchain macro trading expands beyond commodities

Despite certain constraints, activity continues to build. “The broader direction is clear: traders are becoming more comfortable accessing macro-style exposure onchain,” Kunz said.

Gold and oil have led the current wave, but market participants expect similar patterns to emerge in other asset classes as volatility shifts.

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Ioppe concluded that trading activity on onchain futures markets is likely to persist as trust builds around weekend pricing. As more traders begin to rely on these markets during off-hours, volume starts to follow. That, in turn, supports growing open interest, reinforcing confidence in the prices being formed. Over time, this creates a self-reinforcing cycle, where higher participation strengthens market credibility and draws in even more flow.

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