- Solana (SOL) shot up to $136 briefly as the community celebrated its five-year anniversary.
- Ali Martinez noted that the SuperTrend indicator has turned bearish on the weekly chart.
- SOL crashed 6% as FalconX executed the first-ever block trade for CME Group’s Solana futures.
Solana is celebrating its fifth anniversary, but the mood is mixed. While the blockchain touted key accomplishments – over 1,300 validators, nearly $1 trillion in total trading volume, and over 408 billion transactions processed – SOL’s price action has turned bearish.
Solana’s Key Achievements
Since the launch of its mainnet in March 2020, Solana has generated over 254 million blocks and has a massive total value locked (TVL) of $7 billion, according to DeFiLlama. Moreover, its stablecoin market currently stands at $11 billion, slightly down from its peak of $12.6 billion in February 2025.
Perhaps most impressively, Solana attracted 7,625 new developers in 2024, accounting for 19.5% of all new entrants into the space, making it the most popular blockchain for new developers, according to Electric Capital’s 2024 Developer Report.
Institutional adoption has also increased, with FalconX executing the first-ever block trade for CME Group’s Solana futures in partnership with StoneX. Josh Barkhordar, Head of US Sales at FalconX, stated that the move will allow “institutional investors to manage risk and price exposure on a regulated venue.”
Related: Solana Community Rejects Inflation Overhaul While Backing Staking Rewards Reform
What’s Happening with SOL’s Price?
However, the anniversary comes as SOL dips, sliding 6% in the past 24 hours, CoinMarketCap data shows.
Prominent crypto analyst Ali Martinez warned that Solana could experience a significant price drop, noting that the SuperTrend indicator flipped bearish on the weekly chart.
The last time the SuperTrend indicator turned bearish for Solana, the SOL token suffered a 95% crash from its all-time high.
Related: Solana Revenue Tanks 93%: Meme Coin Market Freefall—Network Earnings Suffer
This historical precedent is raising concerns among investors. From a technical standpoint, the Relative Strength Index (RSI) is currently at 40.37, approaching oversold conditions, the slope of the line indicates.
However, the Moving Average Convergence Divergence (MACD) indicator remains slightly bullish with the MACD line (blue) trading below the signal line (orange).
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