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Solana’s Total Value Locked (TVL) hit a 22-month high of $6.5 billion in April, but traders remain cautious as price eyes a breakdown below the $120 level.
On-chain data shows the Solana network outpacing rivals like BNB Chain and Tron in deposits and trading volumes.
Despite this, Solana’s native token dropped 9% between March 28 and April 4. It traded at $119.83 at press time, just above a technical pivot.
Analyst Ali Martinez warned of a key level approaching. He wrote,
“$120 is a make-or-break zone for Solana…This level has defined major trend shifts in the past.”
SOL’s failure to reclaim higher support zones despite strong TVL metrics has raised questions about investor sentiment, particularly after a major staking unlock last week.
$200M Token Unlock Pressures Solana Price
Investor interest in SOL appears to have cooled after the April 4 unlock of 1.79 million tokens staked in 2021.
At that time, SOL traded near $23. Those tokens are now worth over $200 million, creating visible selling pressure.
The timing coincides with a broader memecoin downturn, affecting activity on Solana.
Weekly losses for popular Solana-based meme tokens such as WIF, PENGU, POPCAT, and BOME reached 20% or more.
As speculation fades, on-chain growth has yet to translate into upward price movement for SOL.
Solana Leads in DEX Volumes, TVL Gains
According to DefiLlama, deposits into Solana-based decentralized applications (DApps) rose to 53.8 million SOL on April 2, marking a 14% monthly increase.
In dollar terms, the $6.5 billion figure puts it $780 million ahead of BNB Chain, securing Solana’s second-place ranking in TVL after Ethereum.
Solana also commands 24% of monthly decentralized exchange (DEX) volumes, outperforming BNB Chain (12%) and Base (10%).
Ethereum leads with 54%. The rise comes even as major Solana DEXs like Raydium recorded a 95% drop in volume from their January peak of $42.9 billion.
Solana’s top DApps include Jupiter, a leading DEX aggregator, Jito, a liquid staking protocol, and Kamino, a lending and liquidity platform.
MEV Criticism Shadows Onchain Progress
Solana’s scalability and Web3-focused infrastructure continue to attract user activity. However, not all feedback has been positive.
Concerns around maximum extractable value (MEV)—where validators reorder transactions for profit—have resurfaced.
DeFi liquidity provider @Cbb0fe accused Solana of gatekeeping, citing incentives that allegedly favor large validators.
Loring Harkness of Shutter Network suggested encrypting transactions before they enter the mempool to prevent front-running. He said,
“Encryption could eliminate validator control over transaction order.”
Critics argue that MEV rewards offer enough validator incentives, questioning the need for inflationary staking emissions.
Solana Price Still Trails Onchain Momentum
Despite robust network activity, Solana price remains well below its Feb. 14 peak near $210. The gap between TVL growth and price action has widened in recent weeks.
According to Arkham Intelligence, one user staked $0.05 worth of SOL for the next 3,000 years. The funds unlock in 5138.
The act, while symbolic, contrasts sharply with current market uncertainty and short-term selling behavior.
Solana price has so far failed to convince the broader market that its metrics warrant a return to previous highs. The $120 level may prove decisive in the coming days.
If that floor breaks, the bearish pressure could intensify. If it holds, traders may start to price in Solana’s sustained onchain strength.
Solana continues to post strong network metrics. DEX volume and TVL growth confirm its resilience in a cooling market.
But SOL’s struggle to hold $120 suggests that price may not immediately reflect the network’s performance.
With large unlocks, fading memecoin demand, and converging validator debates, Solana price enters a period of heightened scrutiny.
Traders and developers alike will now watch whether fundamentals are enough to stabilize the token—or if deeper corrections lie ahead.
