Solana's SOL token declined approximately 4.3% on Monday, trading around $83.21, as market data indicated a pullback in leveraged positions. Futures open interest stood near $5.14 billion, with daily trading volume around $10 billion. Roughly $14.2 million in futures positions were liquidated over the past 24 hours.
Widely Divergent Analyst Forecasts
Market commentary outlines starkly different potential paths for SOL. One analysis projects a possible decline to $20, primarily tied to an ongoing class-action lawsuit involving meme-coin launchpad Pump.fun, which now also names Solana Labs and the Solana Foundation. Conversely, a bullish case sees SOL reaching $250 this year, contingent on the network successfully pivoting from meme-coin dependency toward becoming a hub for stablecoin payments and decentralized finance (DeFi).
Fundamental Metrics and Catalysts
The network currently supports about $7.2 billion in total value locked (TVL) across its DeFi applications and hosts roughly $13.4 billion in stablecoins. Potential positive catalysts include the growing presence of corporate treasuries holding SOL and the recent launch of spot Solana ETFs, such as Bitwise's staking ETF which began trading in October 2025.
The core debate centers on whether Solana will be valued as high-speed infrastructure for real-world transactions like stablecoin transfers, or remain heavily influenced by speculative meme-coin trading, which some estimates suggest contributes nearly half of ecosystem revenue. This shift is critical, as regulatory scrutiny or a legal setback could rapidly diminish the meme-coin activity that currently drives significant fee revenue.
Traders are monitoring whether the current price pressure continues to reduce excessive leverage or begins to drive genuine users and developers to competing blockchains—outcomes that may appear similar on a chart but have profoundly different long-term implications for the network's value.
