Solana's performance, straw fire or simple turbulence? In any case, volatility has struck again and soil tumbles under $ 200. Traders, first euphoric, are starting to sweat while onchain volumes drop by 28 % in a week. A brutal correction, fueled by the end of the enthusiasm for the same and a drop in transaction costs. But hope remains, especially with speculation around an ETF Spot.
Solana in idle: a network loss of speed?
Solana news: the network is no exception to the storm. In a week, Its transactions volumes dropped to $ 31.8 billiona dive of 28 %.
The memecoin fever has calmed down, causing a massive decline in certain nuggets of the genre:
- Dogwifhat (WIF): -60 %;
- Goatseus Maximus (Goat): -67 %;
- Moodeng (Moodeng): -69 %;
- Peanut the Squirrel (PNUT): -72 %;
- Just A Chill Guy (Chillguy): -75 %.
This cold stroke is reflected on the decentralized applications of Solana, with notable decreases : -47 % for Orca and Phoenix, -27 % for Raydium. But beware of hasty conclusions: Ethereum, BNB Chain and other blockchains also suffer a similar slowdown.
Analyst Alex Svanevik also recalls that Solana surpasses Ethereum on several key indicatorsespecially in terms of active addresses and volumes of transactions.
A crypto market under tension, Solana in search of rebound
If Solana is in turmoil, the crypto market as a whole remains under pressure. The key indicator for perpetual future posters a negative funding for soil Since February 2, a sign that enthusiasm has been discreet.
But a detail could change everything: theAnticipation of an ETF SPOT Solanawhich could attract institutional flows.
The Iconnick trader analyzes the situation:
“” Sol tries to bounce back on the $ 180-190 area, but the real test is between $ 210 and $ 220. »»
He identifies key levels:
- Support at $ 190-195;
- Resistance at $ 210-220;
- Critical threshold at $ 240.
Currently at $ 195, the Sol lesson plays balancingists. To break the downward trend, he will have to take the $ 210. Otherwise, the sellers could regain their hands and aim for a return around $ 190.
Despite the storm, Solana did not say her last word. Its growing adoption and the prospect of an ETF could rekindle the flame. Vaneck's optimism suggests an ambitious goal: $ 520 this year. It remains to be seen if Sol will be able to reinvent yourself … or get bogged down.
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