Solana, Decentralized Exchange No. 1 'Shaking'..."At Risk If It Can't Hold $100"

▲ Solana (SOL)/ChatGPT generated image

Solana (SOL) is re-testing the possibility of breaking through $100, showing a short-term rebound despite weakening DeFi market share. Coingape reported on May 9 that Solana rose 5% that day, and open interest also surged to its highest level since March.

Coingape stated that Solana has not been able to cross the $100 mark since February 3, 2026. Even as Bitcoin surpassed $80,000 and Ethereum moved above $2,000, Solana's price still remains below the $100 threshold.

DeFi indicators were presented as a burden. According to DeFiLlama data, Solana's monthly decentralized exchange (DEX) trading volume in April was $42 billion, falling behind Ethereum's $44 billion. This marks the first time since August 2025 that Ethereum has surpassed Solana in monthly DEX trading volume.

The competition continues into May. Coingape reported that as of May, Solana's DEX trading volume was $12.2 billion, while Ethereum's was $12.05 billion. As the gap is not large, there remains a possibility that Solana could again lose its No. 1 spot on a monthly basis.

DeFi Total Value Locked (TVL) also decreased. According to the article, Solana's DeFi TVL fell from 81 million SOL to 63 million SOL. This means 18 million SOL was withdrawn from Solana-based DeFi. Coingape analyzed that the decrease in DEX trading volume and TVL could act as downward pressure on Solana's price. It explained that if more tokens become tradable, and low demand meets high supply, price stagnation could occur.

However, bullish sentiment has not completely disappeared. Coingape reported that while Solana is losing some dominance in the DeFi sector, it is expanding into new areas such as tokenization and stablecoins. According to the article, Solana is collaborating with Bullish in the tokenization sector and is also working with Western Union on stablecoin-related collaborations. Coingape viewed these expansions as the next catalyst that could push Solana above $100.

Expectations in the derivatives market have also grown. According to Coinglass data, Solana's open interest reached $1.89 billion. This is the highest level since March, interpreted to mean that market participants are increasing their bets on Solana's price direction.

In technical trends, a bull flag was mentioned. Coingape analyzed that if Solana breaks the $93 resistance level, it could reach $100. The projected upward movement based on the flag pole was presented as 6.59%. However, it clarified that this is a short-term outlook based on hourly charts, not a long-term price prediction.

The Relative Strength Index (RSI) was reported at 66, indicating that bullish momentum is being maintained. The assessment was that as it moved down from the overbought zone, there is room for new buying interest to enter. The Bollinger Bands are compressing the price, and a breakout in the bullish direction is suggested by the bull flag structure.

Coingape also mentioned the Alpenglow upgrade as a factor increasing Solana's potential for ascent. Solana founder Anatoly Yakovenko stated that this upgrade is scheduled for the third quarter. Coingape reported that a break above $100 would be a confirmation signal for Solana to escape its bearish state.

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