Solana is currently experiencing a mix of market dynamics as investors shift assets and technical indicators signal potential trend changes. The LIBRA memecoin scandal in Argentina set off a storm of high-velocity outflows from Solana. Investors soon poured $485 million to competing smart contract blockchains, including Ethereum and BNB Chain. This trend comes amid unpredictable fees and important technical levels that may determine Solana’s short-term path.
In March Solana only produced around $46 million worth of fees. That would be an enormous decrease from its high of more than $400 million in January 2025. April’s total fees dropped even further, to around $22 million. These fee spikes and drops are indicative of sudden changes in network demand combined with shifts in user/investor sentiment.
Even with the recent outflows, Solana has still gained liquidity from other blockchains. In just the last 30 days alone, users have bridged more than $120 million onto Solana. Major contributions followed from Base ($16 million), BNB Chain ($14 million) and Sonic ($6.6 million). Despite some investors looking to diversify their investments, this inflow hints at ongoing interest in Solana’s expanding ecosystem.
From a technical analysis perspective, Solana is still in a bearish trend on the 1-day chart. Glassnode’s analysts recently took a little bit of a deeper look into Solana’s UTXO realized price. They immediately discovered that there were more than 32 million SOL recently traded at the $130 price level. This level would be a good candidate to act as solid support long term, judging by past data.
In order for a trend shift to be bullish, Solana should demonstrate strength and break its local bearish structure. Specifically, it needs to close a daily candle above $147. Meanwhile, the 50-day exponential moving average (EMA) on the 4-hour chart continues to be a powerful resistance checkpoint. This challenge further adds to the complexity of recovery.
