SOL price has fallen 6.5% in the last 24 hours, currently around $127, reflecting broader losses in the cryptocurrency market. Key factors contributing to this decline include decreased investor interest within Solana's DeFi ecosystem, evidenced by a significant drop in Total Value Locked (TVL) from $12.1 billion in January to $7 billion by March 17, marking a 45.5% decline. Additionally, on-chain activity has diminished, with daily transactions plummeting from a record high of 71,738 in January to just 24,505. This reduced activity likely leads to lower network fee revenues and negative pressure on SOL's price. Furthermore, Solana's open interest in the futures market has dropped from $8.57 billion to $4.03 billion. Negative funding rates highlight a lack of confidence among traders, with a possibility of further price declines. If SOL falls below $120, it may drop to the support level at $110, with the potential for a 35% decrease to $80 if the downtrend continues.

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