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Solana Faces Sharp Decline Amid Market Turmoil, But Some Sectors Show Resilience
- The Solana project and the overall cryptocurrency market had a rough week, with intensifying worries about U.S. trade policy and a fresh onslaught of liquidations.
- Solana’s ecosystem appears to have a few bright spots, as certain activities—namely, those related to DeFi and NFTs—seem to have continued apace and even intensified during the downturn.
- A sharp decline hit Solana, with the project’s assets dropping to as low as $204.62 at one point and even dipping the slightest into the $184 range.
- Solana is down around 16% from last week and its total market capitalization now lies at $99.71 billion.
- Solana’s total value locked, a critical measurement of DeFi activity, tumbled to $10.45 billion, while active daily users fell to 5.2 million.
- Solana’s decentralized exchange trading volume has fallen flat, going down 34%, on the heels of a more extensive decline in the crypto sector.
- Liquidations worth a staggering $2 billion affected Solana as the price plunged in the wake of so many forced sales.
- Despite the market being so turbulent, Coinbase declared its intentions to launch futures trading on Solana.
- Solana’s NFT sector captured 50% of total NFT user activity, whereas, the DeFi sector now has 9.5% of its total TVL locked in Solana.
- In the Solana ecosystem, certain projects like Cropper and Sanctum made gains, indicating that some DeFi protocols still had very strong and positive upward price movements.
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