Solana, the layer-one blockchain platform, celebrated five years since the launch of its mainnet on March 16, 2020.

To celebrate the milestone, the network shared its accomplishments, which include more than 1,300 validators, nearly $1 trillion in trading volume, and over 408 billion total Solana transactions, in a post on its official X account.

Solana (SOL) was founded in 2017 by Anatoly Yakovenko with the goal of addressing the primary challenge facing blockchain technology. The network aims to strike the right balance between scalability, security, and decentralization.

When combined with proof-of-stake, Yakovenko’s proof-of-history system speeds up transaction processing. Solana has been able to grow while maintaining low costs as a result.

More than 254 million blocks have been generated by Solana since its mainnet went live in March 2020. Since then, the network has grown to be a major force in decentralized finance, with over $7 billion in total value locked in its protocols, according to DeFiLlama data.

Meanwhile, Solana’s stablecoin market has reached $11 billion, down from its peak of over $12.6 billion in February 2025. Similarly, its market cap, which once peaked at $127.5 billion, now stands at $65 billion.

Developer interest in Solana has also significantly increased. It surpassed Ethereum as the most popular blockchain for new developers in 2024. According to Electric Capital’s 2024 developer report, Solana attracted 7,625 new developers in the previous year, accounting for 19.5% of all new entrants in the market.

On Mar. 17, CME Group plans to introduce Solana futures contracts, subject to regulatory clearance. These futures, which are intended to assist investors in protecting themselves from price swings, indicate that Solana is becoming a more widely accepted asset in the cryptocurrency market.

Furthermore, Solana has been included in several exchange-traded funds applications, indicating its increasing mainstream acceptance and room for growth.

Solana’s price has come under pressure over the past two months amid growing concerns about its ecosystem.

Solana (SOL) has dropped from its year-to-date high of $295.52 to a low of $112 this week, wiping out $71 billion in market value as its market cap plunged from $139 billion to $68 billion.

Solana’s crash was because of the ongoing crypto crash that has brought the total market cap of the whole industry to $2.8 trillion.

The price drop has also been fueled by rising concerns about Solana’s ecosystem, which has become increasingly linked to meme coins. The market cap of all Solana meme coins tracked by CoinGecko has fallen from over $25 billion earlier this year to $7.7 billion. A key concern is that many of these meme coins have turned out to be rug-pull scams.

Another factor weighing on Solana’s price is a large token unlock that took place earlier this month, tied to recent FTX distributions. A token unlock introduces more tokens into circulation, leading to potential dilution and downward pressure on price.

Solana has also lost its market share in the DEX industry to Ethereum (ETH). According to DeFi Llama, the total volume handled by DEX protocols in the network in the last 30 days stood at $76.95 billion, lower than Ethereum’s $84 billion.

Solana price technical analysis

On the positive side, signs suggest that Solana could stage a strong comeback once the current crypto crash eases.

The weekly chart shows that the accumulation and distribution indicator has continued rising over the past few months, signaling that investors have been accumulating SOL during the downturn.

Most importantly, Solana has been forming a cup-and-handle pattern, a bullish formation characterized by a rounded bottom, a horizontal resistance line, and a pullback.

In Solana’s case, the horizontal line connects the highest levels from 2021 and 2024. The ongoing retreat represents the formation of the handle section. If Solana holds above $100, there’s a strong likelihood that it could stage a rally.

The cup has a depth of about 95%. Measuring that same distance from the top of the cup suggests an eventual surge to $505, implying a 270% increase from current levels.

The key caveat is that cup-and-handle patterns take time to complete, meaning that the 270% surge could take months or even years. For example, it took three years for the cup section to form.

Story Protocol has officially launched its public mainnet following a six month long testnet.

Story Protocol, a layer-1 blockchain, has announced the launched its public mainnet, marking the first-ever global, programmable market for IP. The platform aims to transform the $61 trillion IP asset class by giving IP holders and AI-driven products the tools to manage, trade, and monetize creative assets.

Story Protocol’s launch follows a six-month testnet phase that began with the “Iliad” testnet on August 27, 2024. Now live, its mainnet provides a decentralized platform where IP owners can set up licensing rules and transact without any middlemen.

The network will be secured by the IP token. IP is used for transactions, governance, and creator rewards. IP owners can register and tokenize their work on the blockchain, setting rules for how it can be used, modified, or monetized. Developers can build apps on the network, creating new AI tools, licensing platforms, and IP marketplaces.

IP has debuted with an initial supply of 1 billion tokens. A 30-day rewards portal has been set up to allow testnet participants to claim IP tokens. Staking IP is an option for those who wish to promote network security. The staking phase for the IP, called “Singularity,” kicked off on Feb.1, but rewards will be distributed starting March 2. 

Notably, tokens allocated to early backers and core contributors will be locked for one year. Major exchanges like Coinbase, OKX, KuCoin, Bybit, Bitget, and Bithumb have already announced the listing of IP.

Story Protocol raised $140 million from investors such as Samsung Next and a16z. Several IP-focused projects are already building on the network. Aria, one such project, raised $7 million to purchase the rights to Justin Bieber’s song “Peaches” and divide the proceeds among the IP asset’s fractional owners.