**Solana’s Transaction Fee Share Plummets from 50% to 9%; SOL Price Nears August Lows**
Solana (SOL) is currently trading near $156, testing support levels last seen in August, as the token slips following a sharp decline in its network dominance. Traders have been rotating toward newer, high-activity chains like Hyperliquid and BNB Chain, impacting Solana’s market position.
According to DefiLlama data, Solana’s share of the Layer-1 transaction fee market has tumbled dramatically—from above 50% at the start of the year to just 9% now. In contrast, Hyperliquid has captured 40%, while BNB Chain holds 20%, largely driven by derivatives trading volume and growing DeFi activity.
### Momentum Loss Despite Headline Success
Over the weekend, Solana celebrated significant milestones, including the record-breaking debut of the Solana Staking ETF (BSOL) on the NYSE and Grayscale’s launch of the GSOL trust. Additionally, SoSoValue data reports $284 million in Solana ETF inflows.
Moreover, major players such as Visa and Shopify continue integrating Solana’s high-speed payment infrastructure. Western Union’s decision to build stablecoin remittance rails exclusively on Solana further underlines the network’s fundamental strength.
Despite these headline achievements, SOL’s price has declined alongside the broader crypto market. Over the past 30 days, the altcoin has crashed by 32%, dropping to the 6th position in the market with a market capitalization of approximately $86.57 billion (CoinMarketCap data).
### Corporate Treasury Investment Faces Unrealized Loss
Solana-focused Data Analysis Technology (DAT) firm Forward Industries, Inc. recently closed a $1.65 billion private placement to establish the largest SOL corporate treasury. The company holds 6.82 million SOL, purchased at an average price of $232.
Currently, this position is valued at around $1.2 billion, reflecting a 24.13% unrealized loss totaling $382 million. Furthermore, Forward Industries’ shares have plummeted 73.6% from their $39.60 peak to $10.44, resulting in a market cap of roughly $900 million—below the value of its SOL holdings (mNAV < 1).
### SOL Price Analysis: Testing Critical Support Zone
At the time of writing, SOL is facing critical support between $155 and $160. The token has broken below its descending trendline and the middle Bollinger Band, with the Relative Strength Index (RSI) nearing oversold territory at 30.25.
Momentum indicators such as the MACD remain bearish, suggesting that any recovery could be gradual unless SOL closes above the $185–$190 resistance zone. The Balance of Power (BoP) indicator shows that sellers still dominate the market, although early signs of buying accumulation are emerging on lower timeframes.
According to Solana price predictions, failure to defend the current support may push prices towards $130–$140, which corresponds with the lower Bollinger Band boundary support.
---
**Disclaimer:** Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be considered financial or investment advice. Given the rapid changes in market conditions, readers are encouraged to verify the information independently and consult a professional before making any investment decisions.
https://bitcoinethereumnews.com/tech/solana-dominance-dies-with-sol-price-hitting-august-lows/
