Crypto : Solana's TVL Drops to 8.6 Billion and Revives the 80 Dollar Scenario

Solana is not collapsing but shows a clear cooling in the crypto market. SOL lost 52% between September 18 and November 21, in a context where altcoins have dropped. The key point is not just the price drop towards a possible 80 dollar scenario, it is the simultaneous decline of on-chain indicators, which suggests a real decrease in usage and engagement on the network.

Solana’s TVL falls, and it’s not just a dashboard number

Solana continues to attract flows via its ETFs, despite its decline. But this movement doesn’t necessarily reflect in on-chain activity. At the same time, the total value locked on Solana fell to 8.67 billion dollars, a six-month low, compared to a peak of 13.22 billion reached on September 14. In other words, more than a third of the locked value has evaporated. This is not a detail. It is a confidence contraction, or at least a tactical disengagement.

What strikes is the duration. The TVL has remained under 10 billion dollars over the last 30 days, a signal that the crypto market cannot ignore. In a network that also lives on its “fast and cheap” narrative, holding a weak TVL for too long ends up weighing on perception. And perception, in market terms, is often the first domino.

The decline also has a face. Liquidity staking via Jito reportedly dropped about 53% since mid-September, and major applications like Jupiter, Raydium, and Sanctum show marked decreases. We can call it a rotation. We can also see it as a drop in risk appetite on the Solana ecosystem.

Less activity, fewer fees, fewer reasons to buy SOL

Next comes a signal often underestimated in the crypto market: fees. Last week, on-chain fees reportedly reached 3.43 million dollars, down about 11% over a week and 23% over a month. It’s not just an indicator; it’s the pulse of the network.

Same dynamic on Solana usage. Active addresses reportedly declined about 7.8% over seven days, and transactions about 6.3%. Taken separately, each of these numbers is debatable. Together, they tell a story of declining on-chain demand. And when demand decreases, price pressure becomes mechanical.

That’s where SOL gets stuck. The token is both a speculative asset and fuel. If the ecosystem consumes less, the fuel interests less. And in this context, every rebound looks more like a breathing than a real regime change.