Solana (SOL): Is the Bullish Trend Over? Solana (SOL) has experienced notable price movements in the crypto market over the past year, but recent trends raise concerns about its future. Let’s break it down and explore the SOL price prediction:
A Year of Growth, Followed by Decline
- Solana’s price surged over 530% in the last 12 months, making it one of the top-performing cryptocurrencies.
- However, in recent weeks, SOL faced a sharp decline, losing over $8 billion in market cap, dropping from $75 billion to $66 billion.
Whale Investors Are Taking Notice
- This decline has caused concern among whale investors, who see this as a possible signal of an extended bearish trend.
- Many large holders have started pulling out, contributing to a 30% drop in Solana’s daily trading volume over the past week.
Onchain Activity Declines, but TVL Grows
- Solana’s onchain volume has dropped 33%, from $1.8 billion in July to $1.2 billion, according to DefiLlama data.
- In comparison, Ethereum’s volume only dropped 7%, and BNB Chain saw an increase of 48%.
DApp Activity Remains Strong
- Despite the decline in trading volume, Solana’s total value locked (TVL) increased by 5% over the last month, reaching 37.7 million SOL.
- Notable DApps like Raydium saw a 35% TVL increase, while Jupiter rose 17%.
What Does This Mean for Solana?
- While Solana’s price and volume have taken a hit, the network’s growth in TVL and strong DApp activity indicate that it may still have room to recover.
- SOL price prediction suggests the network's fundamentals could help stabilize its price in the long term, but investors need to monitor both price trends and onchain activity closely.
The future of Solana remains uncertain, but with robust network activity, the Solana price prediction continues to intrigue investors. Will Solana rebound, or is further decline ahead? Time will tell.