The Solana (SOL) coin has seen exciting movements this week; the price touched the $200 level before retreating to $193, influenced by the wider market downturn.
🔍 Key points from the Solana scene:
The absence of significant institutional demand for SOL remains evident, unlike Bitcoin and Ethereum.
DAT entities like Upexi and DeFi Development Corp hold about $596 billion in SOL, compared to $11 billion in ETH and $86 billion in BTC.
Daily revenue on the network (REV) has stabilized between $2.5 – $3.5 million for months.
📊 Solana ETF loses momentum:
The REX-Osprey SOL Staking ETF (SSK) raised only $3.7 million last week, compared to $58.3 million in the launch week, reflecting a slowdown in flows.
🎯 Meme coins are back on the scene:
The Pump coin has regained the lead from Letsbonk with the launch of 30,550 tokens daily, compared to only 1,499 for Letsbonk.
The current price of PUMP is $0.0036 after approaching the ICO price of $0.004.
⚡ Perpetual activity on Solana:
The Drift platform reached $500 million in Open Interest, benefiting from the trading fee-free feature for BTC and ETH.
Nonetheless, Jupiter still leads the perpetual market on Solana with $23.1 billion in monthly trading, compared to $17.1 billion for Drift, while Hyperliquid remains globally superior with $371 billion.
🔮 Summary:
Solana shows strong activity at the application and protocol level, but the lack of institutional support and a slowdown in fund flows may pressure price performance in the short term.
#Solana #Crypto #DeFi #Pump #NFTs #ETF