SOLANA’s (SOL) price is 52%, which is 52% lower than the highest $ 295 on January 19. Last month, 41% of the total value fell 40% of the total value submerged in Solana, and SOL’s technology settings refer to additional losses in the future.
Solana tvL drops $ 5B in 30 days
Solana blockchain’s total value lock (TVL) plunged 39.2% last month, resulting in the maximum monthly fall, which had been broken since November 2022.
Solana’s tvL fell from $ 7.4 billion in writing at a maximum of $ 12.1 billion, reaching $ 12.1 billion on January 24.
Solana tvL and onChain volume. Source: Defillama
TVL measures the total value of all assets fixed in the decentralized (Defi) protocol. As the TVL increases, it means that more coins can be deposited in the Defi protocol and can indicate the feelings of strong. Falling TVL shows that investors are raising funds from the ecosystem and reducing network activities and liquidity.
According to DEFILLAMA’s data, the subsequent decrease in the TVL was led by Raydium and 53% reduced in 30 days. Other major distributed applications, such as Jupiter Dex, Jito Liquid Stacking and Save Lending, have registered 25%, 41% and 42%, respectively.
TvL is submerged in Solana’s best Defi protocol. Source: Defillama
They had a direct impact on Solana’s ONCHAIN volume, which decreased from $ 9.7 billion per share in the second week of January to $ 11 billion this week.
These metrics have shown that investors’ trust in the Solana ecosystem has changed, and the average activity has decreased by 20-40% over the last month.
Solana Memecoin market cap 70%
Solana’s TVL drops reflect the market cap of Memecoin as a tank in general.
Most Solana -based Memecoins posted a daily loss of two digits as shown below. The majority of this token is 80% to 90% in the peak.
Solar -based token performance. source: Co Ringecko
As a result, Solana’s Memecoin market cap decreased from $ 25 billion in December 2024 to $ 8.3 billion today. This shows a reduction of 68% within three months.
relevant: Solana (SOL) Price Sell Acceleration-Will the trader defend $ 130?
Solana -based Memecoins and market capitalization are ahead of reducing the DEX activity of the layer -1 blockchain.
The chart below records the daily Dex trading volume of Solana Memecoins, including the people placed in the pump on February 26, February 19, from January 19 to $ 1.6 billion.
Memecoin trading volume of solana. source: Blockwork Study
The decrease in Memecoin activity on Solana has a negative impact on demand and SOL prices due to low network activities and use.
SOL PRICE EYES Additional 20% drop
From a technical point of view, the price behavior of the SOL has completed the double top pattern as shown in the daily chart below. How low can Solana go now?
SOL Price is immediately supported by the Premailing Chart Pattern’s neckline for $ 135. If you lose this support, the liquidity between September 6, 2024 will be $ 120, which will fall on August 5, 2024, $ 110. Such movements fall 22% from the current price.
SOL/USD Daily Chart. Source: COINTELEGRAPH/TradingView
On the other hand, in 28, the location of RSI draws overpanctions. This suggests that $ 135 can provide a good position. Increasing demand at this level can begin continuous recovery of SOL with high quantity.
The popular Crypto analyst Gum said that the lowest price of Solana was “about 10% higher than the last price galaxy, and the other funds purchased FTX $ SOL.”
“This is at least $ 110 before the bounce.”
This article does not include investment advice or recommendation. All investment and trading measures include risks, and the reader must do his own research when making a decision.