The lever effect, the engine of the dazzling increases, becomes a formidable trap when the market turns around. Solana (soil) in fact the price, with a brutal fall at $ 213, its lowest level in two weeks. If the Fed had briefly rekindled the appetite for risk, persistent tensions on inflation and employment quickly reversed the trend.
In short
- Solana (soil) drops to $ 213, its lowest level in two weeks, in a context of overall fall in the Crypto market.
- More than $ 112 million in long positions were liquidated in 48 hours, revealing a massive disengagement of traders.
- The rate of financing of perpetual contracts fell to zero, a sign of a collapse of speculative appetite in the short term.
- The $ 200 threshold appears to be a critical area to be monitored in the coming days.
A fall in the price of the crypto and a collapse of the lever
The brutal correction of Solana (soil) accelerated earlier this week, resulting in a decline of 12 % in just 48 hours, while the crypto targets $ 1,000. This decrease caused the liquidation of $ 112 million in long -speaking long positions, according to Coinglass dataa sign of a vague capitulation among the most exposed investors.
The price of the crypto has fallen to 213 dollars, its lowest level in two weeks. This downward dynamic is part of a risk aversion context, fueled by the resurgence of macroeconomic concerns, especially after the declarations of the president of the American federal reserve, Jerome Powell, on the persistence of inflationary pressures.
In addition, the funding rate (Funding Rate) of perpetual soil contracts has returned to a level close to zero, or even slightly negative, which indicates a net disengagement of upward traders.
Under neutral market conditions, this indicator is normally between 6 % and 12 %, which means that buyers pay to maintain their exposure. In this context, several indicators reflect a gradual disappearance of risk taking on the derived market:
- The Funding Rate was neutral even when the soil was $ 253 last Thursday, showing an absence of bullish momentum despite the price increase;
- The latest speculative euphoria peak dates back to August 14, when the Funding Rate had reached 30 %, proof of a bullish craze now over;
- No clear technical signal emerges at this stage, although precedents (start and mid-August) have shown that similar phases had preceded rapid rebounds ( +19 % and +25 % respectively).
The bullish lever contracts, not necessarily in anticipation of a brutal fall, but because the overall conditions, both on the prices and on the macroeconomic fundamentals encourage restraint.
The declining network activity and the emergence of competitors reconfigure the landscape
Beyond the speculative dynamic, the Solana ecosystem also seems to show signs of slowing down. According to Nansen's datathe number of addresses active on the network has dropped by 28 % in the last seven days, while the transaction costs fell 15 %.
This drop in activity contrasts sharply with Ethereum's performance, the costs of which increased by 28 %, and especially the BNB Chain, which recorded a flight of 74 %. At the same time, actors like Aster, a new derivative trading platform launched on BNB Chain by Yzi Labs (ex-binance Labs), attract more and more attention. Presented as “Without maximum extractable value” (MEV-Free), she benefits from the open support of Changpeng Zhao, ex-CEO of Binance.
The rise of hyperliquid or the development of a owner blockchain by Aster reinforce this competitive pressure. These Crypto platforms, specifically targeting the perceived weaknesses of Solana reconfigure the power relations between L1 and L2.
However, despite these tensions, Solana retains solid fundamentals. The network remains the leader in number of transactions, and second in total blocked value (TVL) behind Ethereum.
In addition, some companies continue to believe in the potential of the network. Fitell Corp (Ftel), an Australian company, recently issued a convertible obligation of $ 100 million to launch a “Solana cash strategy”combining on-chain deployments and derivative instruments to generate yield.
The fall of the long lever on Solana reflects a loss of short -term confidence, but the fundamentals of the network remain solid. While the activity declines and new competitors emerge, some institutional actors continue to bet on the crypto. The $ 200 threshold could become a decisive inflection point. If prudence dominates, the potential for rebound in the price of the soil cannot be excluded.
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