Solana Dominance Dies with SOL Price Hitting August Lows: Early Signs of Fatigue?

Core Insights - Solana's network dominance has significantly declined, with its share of the Layer-1 transaction fee market dropping from over 50% at the beginning of the year to just 9% now, while competitors like Hyperliquid and BNB Chain have gained market share [1] - Despite recent milestones such as the launch of the Solana Staking ETF and substantial ETF inflows, the price of SOL has fallen 32% in the last 30 days, leading to a market cap of $86.57 billion [2][3] - Forward Industries, which holds a large amount of SOL, has experienced a 24.13% unrealized loss on its investment, reflecting broader market challenges [4] Market Performance - SOL is currently testing critical support levels between $155 and $160, having broken below its descending trendline [5] - Momentum indicators like MACD remain bearish, suggesting a gradual recovery unless SOL can close above the $185–$190 range [6] - If current support fails, prices could drop to the $140–$130 range, aligning with lower Bollinger Band support [6]