SOLANA Aboriginal token, SOL (SOL), received a strong resistance of nearly $ 180 after an increase of 17% to $ 125 on February 28. More importantly, the current price of $ 145 has decreased by 50% from a record maximum of $ 295 on January 19, raising concerns among merchants about the ability to restore SOL’s strong momentum.
Analysts were found to be due to market conflicts, which have a rapid value of SOL’s value, but Onchain Activity has decreased in various sectors, including liquid staying, tokenized assets, tokenized agriculture, synthetic permanent, NFT market and artificial intelligence infrastructure.
Solana 7 -day blockchain fee, USD. Source: Defillama
According to defillama data, the decrease in blockchain activities suggests an appetite for SOL, which has a 73% decrease compared to the Solana network rate by 73% compared to four weeks ago. The surge in activity was mainly led by the Memecoin token launch and the Decentralized Exchange (DEX) transactions, but the results of the fading exercise of the SOL are maintained.
According to dappradar data, the number of active addresses interacting with Solana’s largest liquid steaking distributed application, JITO, has been reduced by 56% over the last 30 days. Similarly, the NFT Market Place Magic Eden has a 38% decrease in active addresses, while SAVE (previous Solend) provided mortgage loans and experienced 42% reduction in users during the same period.
In contrast, the number of Ethereum Layer-2 blockchains, the basic activity address, has been reduced by 2% over the same period. Even the basic layer of Ethereum was better than Solana, and the number of addresses associated with DApps decreased 17% over 30 days. This suggests that it is plausible that the performance of the SOL’s Memecoin Bubble Burst is not good because the other network has not experienced similar results.
Low leverage demand, rising bot and trump deficiency restrictions rising SOL
Another factor that restricts the rising potential of SOL is the lack of interest from leverage traders. The rate of financing of Sol Perpetual Future has been negative for the last three days, which means that shorts (sellers) are paying to open their positions.
Sol Perpetual Future S 8 -hour Financial Procurement Ratio. Source: COINGLASS
Currently, the rate of financing is converted to a cost of 0.9% a month, so it is especially involved. However, after 52% decreased from the highest ever, the lack of interest of the buyer is not a positive sign of the traders’ emotions. Meanwhile, unexpected news, such as the potential approval of Solana Spot Exchange-Traded (ETF) in the United States, can surprise traders and cause shortening rally.
Some critics are less likely to increase their activities in Solana networks. They argue that, as 95%of the network fees are only 1.3%of the users, they are often misunderstood as the market manufacturer Wintermute and Maximum Extractable Value (MAXMUM EXTRACTABLE VALUE) bots.
source: ARNDXT_XO
In short, the “smallest user group, mainly predatory trader” benefited from the pump and dump system, according to ARNDXT, according to the author of the “Edge on the Edge” newsletter, Memecoin Presulation insists that it has led to a sandwich attack, and a malicious merchant After detecting contract transactions for tank exchanges, and switching, they gained the price and profit of others.
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Some of the reasons why the SOL could not recall $ 180 are related to the World Liberty Financial, a half -central financial application related to President Donald Trump’s private investment. The project is known to have accumulated positions in Ether (ETH), packaged bitcoin (WBTC), TRX (TRX), ChainLink (Link), AAVE (AAVE) and other cryptocurrencies.
Therefore, to restore optimistic momentum, SOL needs to solve four major areas: onChain activities, demand utilization, and investments in MEV bots and Trump projects.
This article is for general information purposes and should not be considered legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.