menu
techminis

A naukri.com initiative

New

google-web-stories
Home

>

Solana News

>

SOL Experi...
source image

Cryptoninjas

4w

read

183

img
dot

Image Credit: Cryptoninjas

SOL Experiencing Downtrend: TVL Drops, Memecoin Mania Wearing Off and Price at Risk of Falling Below $110

  • The Total Value Locked (TVL) in Solana has dropped 40% in the past month, indicating a decline in network activity.
  • The fading memecoin frenzy on Solana has contributed to periods of stagnation for SOL's price.
  • In technical terms, the SOL price is expected to reach $110 before finding strong support.
  • Solana is experiencing a significant retracement after a period of remarkable growth influenced by DeFi innovation and memecoin popularity.
  • The drop in Solana's TVL by 39.2% over the past 30 days is the largest recorded in the ecosystem since 2022.
  • A decreasing TVL can signal declining user adoption, developer activity, and confidence in the network.
  • Not all Solana-native DeFi protocols were equally impacted by the TVL drop, with platforms like Raydium experiencing a significant plunge.
  • The decline in DeFi activity has led to lower on-chain volumes, with trading volumes dropping from $97 billion to $11 billion a week.
  • The crash of Solana memecoins reflects dwindling investor risk appetite and enthusiasm for speculative plays within the ecosystem.
  • From a technical analysis perspective, SOL's price is showing bearish signals, potentially facing a corrective move towards the $110-120 range.

Read Full Article

like

11 Likes

share

2 Shares

For uninterrupted reading, download the app