Solana TVL Hits Six-Month Low of $8.6B: Is an $80 SOL Price Next?

Solana's native cryptocurrency, SOL, experienced a significant drop of 52% between September 18 and November 21, coinciding with a broader market downturn that saw Bitcoin slump to a seven-month low of $80,000. Consequently, SOL has lost crucial long-term support levels, with both on-chain and technical data indicating a potential further decline below the $100 mark.

Key Takeaways

Solana's total value locked (TVL) has fallen to a six-month low of $8.67 billion.
The trading volume for Solana's memecoins has plummeted by 95% in 2025.
A bearish pennant pattern projects a possible SOL price drop toward $86.

Solana TVL hits $8.6B six-month lows: Is $80 SOL price next?

Solana's Total Value Locked (TVL) Reaches June Levels

The total value locked on the Solana blockchain has dropped over 34%, reaching a six-month low of $8.67 billion as of Wednesday. This drop is significant compared to the peak of $13.22 billion achieved on September 14. For the past 30 days, Solana's TVL has stayed below the $10 billion mark.

Solana TVL. Source: DefiLlama

According to DefiLlama, the sharp decline in TVL was primarily driven by Jito's liquid staking, which has seen a 53% decrease since mid-September. Major decentralized applications (dApps), including Jupiter DEX, Raydium, and Sanctum protocol, have also reported reductions of 30%, 46%, and 46%, respectively.

Related: Solana ETFs See Seven-Day Inflow Streak Despite Price Drop

The likelihood of SOL dropping below $100 is underscored by a decline in Solana's network fees, active addresses, and transaction counts over the past week.

Blockchains ranked by 30-day fees, USD. Source: Nansen

In the last week, Solana's chain fees amounted to $3.43 million, marking an 11% decrease from the preceding week and a 23% decrease from the previous month. Similarly, the number of active addresses on Solana’s base layer fell by 7.8%, while transaction counts dropped by 6.3%. These reductions indicate dwindling on-chain demand for SOL, further adding to the downward pressure on its price.

Collapse of Solana Memecoin Volume

The decline in Solana's TVL reflects the overall bearish sentiment in the memecoin market associated with Solana, where losses have been widespread.

Many Solana-based memecoins have recorded double-digit losses in both weekly and monthly timeframes, as illustrated below. The majority of these tokens have fallen between 10% and 25% from their recent highs.

Solana-based memecoins performance. Source: CoinGecko

This decline in memecoin prices coincides with a drop in DEX activity on the Solana layer-1 blockchain. According to Blockworks Research, weekly DEX volume attributed to memecoins has plummeted 95% to $2.7 billion from its peak of $56 billion in January.

Memecoin trading volume on Solana. Source: Blockworks Research

The decrease in memecoin activity on Solana is indicative of lower network activity and usage, further impacting the demand and price of SOL.

Bearish Patterns Point to Potential SOL Price Drops

Data from Cointelegraph Markets Pro and TradingView show that SOL is currently trading within a bearish pennant pattern, highlighting the risk of further declines.

A bear pennant is a downward continuation pattern that typically appears following a significant price drop and is characterized by a consolidation phase within a lower price range. A breach below the pennant's support line at $135 last week suggests that SOL could be heading for additional drops, targeting $86, which represents a 32% decrease from its current level.

SOL/USD Two-Day Chart. Source: Cointelegraph / TradingView

Before reaching the $86 mark, there might be some support at the 200-week EMA around $118, where buyers could attempt to push back.

“A bear pennant is forming on Solana’s four-hour chart,” said a pseudonymous leverage trader named Grim in a post on X on Wednesday, and further explained: As Cointelegraph previously reported, if SOL breaks below the support line of the symmetrical triangle at $126, it would indicate that bears have taken control, leading to a stronger correction toward $95.