Source: Cointelegraph Original: "{title}"
According to TradingView data, despite the injection of $10 billion in new liquidity and being included in the U.S. digital asset reserve, Solana has dropped nearly 29% since the beginning of 2025.
Although Solana, along with Cardano's token (ADA) and Ripple (XRP), became one of the three altcoins included in former U.S. President Trump's digital asset reserve, its price has still declined.
SOL/USD Year-to-Date Chart. Source: Cointelegraph/TradingView
Additionally, data from the crypto intelligence platform Lookonchain shows that since January 1, 2025, despite the minting of over $9.5 billion in USD stablecoins (USDC), Solana has failed to break this downward trend.
Source: Lookonchain
Some analysts believe that the newly minted liquidity has flowed into meme coins rather than driving up the price of SOL.
Since the official launch of Trump's "Trump Coin" (TRUMP), SOL has dropped 49%, from $261 on January 18 to $133 on March 9.
SOL/USD 1-Day Chart. Source: Cointelegraph/TradingView
Dan Hughes, founder of the decentralized finance platform Radix, told Cointelegraph that during the launch of Trump Coin, "most of the incoming liquidity came from outflows of other crypto assets, as people sold their crypto asset portfolios in a state of extreme fear of missing out (FOMO) to buy Trump Coin."
While Solana's price has fallen, the entire market is also in a broader downtrend, with the total market capitalization of all cryptocurrencies dropping nearly 17% since the beginning of 2025.
Solana Faces Capital Outflows as Investors Seek Safe-Haven Assets
Part of the reason for Solana's downward trend may also be that, following a recent wave of meme coin scams, investors have begun to seek safer assets.
In February, Solana experienced capital outflows exceeding $485 million, with investor funds primarily flowing into Ethereum, Arbitrum, and Binance Smart Chain.
According to a report shared by Binance Research with Cointelegraph, there has been a broader trend of capital flowing into "safe assets" among crypto market participants, and Solana has also seen capital outflows.
Solana Capital Outflow Situation. Source: deBridge, Binance Research
The report stated: "Overall, there has been a broader trend of capital flowing into safe assets in the crypto market, with Bitcoin's dominance rising by 1% over the past month to 59.6%."
The report also added: "Some funds flowed into meme coins on Binance Smart Chain, partly driven by tweets from Binance's former CEO Changpeng Zhao about his dog 'Brocolli.'"
The issuance of meme coins based on Solana has also disappointed investors, dampening interest, especially following the launch of the Libra coin supported by Argentine President Javier Milei.
It is reported that insiders of the project pulled out over $107 million in liquidity through a "rug pull," causing the coin's price to plummet 94% within hours, resulting in $4 billion of investor funds vanishing.
Related: Vanda Group: Solana Upgrade Can Strengthen Network but Will Squeeze Validator Nodes
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