Price and performance: The price of Solana hovers around €138.9 ($162.5), with a slight decrease of 0.41% over 24 hours, but an increase of 12% over the week.
Its market capitalization reaches $87.1 billion, making SOL the 5th largest crypto. However, the token is 45% below its all-time high of €252.23.
Solana ETF: A big news is the approval of the first Solana ETF in the United States, with trading expected as early as Wednesday (according to posts on X). This ETF includes staking, which could attract new investors and boost Solana's credibility.
Network activity: Despite a 10% decline in network activity, particularly in volumes from DApps like Raydium and Orca, Solana shows signs of resilience. Projects like Lifinity and Stabble are recording increases in activity (27.7% and 29.7%). The TVL (total value locked) remains robust, with net capital inflows of $132 million over 30 days, despite a recent drop in revenue.
Innovations and ecosystem: Solana dominates 95% of the volume of tokenized securities trading, a rapidly growing sector. Additionally, features like 'Solana Actions' and 'blockchain links' (blinks) facilitate transactions through web links, enhancing its adoption in commerce and DeFi.
Challenges: Solana faces criticism over centralization due to high costs to become a validator, and increased competition from Ethereum and Arbitrum. About 40% of transactions are rejected, raising questions about long-term scalability.
Projects and partnerships: Initiatives like decentralized storage with Filecoin, integration of Circle's EURC, and DeFi projects like Saros (raising $3.7M) demonstrate continuous innovation on the network.
In summary:
Solana remains a major player due to its speed and low fees, but is going through a consolidation phase after the hype around memecoins. The approval of the ETF and promising on-chain activity could be catalysts for a rebound to $230, although competition and technical challenges persist.
Note: Investments in cryptocurrencies are risky. Do your own research before investing.
