The main dishes to remember:
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The volume of Solana exceeded that of Ethereum, but the overall activity remains much lower than the levels observed in January.
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The domination of hyperliquid in perpetual trading weakens the confidence of investors in the long -term example of Solana.
Solana’s token (soil) has decreased by 15% since it failed to recover the level of $ 168 on June 12. This lower movement followed a reduced network activity period and weaken the demand for mecoins.
Recently, however, Solana found the second position in decentralized exchange volumes (DEX), which raised questions among the merchants on the soil potential to recover the level of $ 180 in the short term.
The Dex on Solana activity reached $ 64.1 billion over 30 days, exceeding 61.4 billion dollars in Ethereum, according to Defilma Data. While the BNB channel maintained first place with $ 159.6 billion during the same period, Solana obtained a market share throughout June.
The main contributors to this growth include Raydium, with $ 19.1 billion in volume, followed by Pump.Fun with $ 14.2 billion and Orca at $ 13.9 billion. However, the global Dex on Solana activity remains 91% below the levels of January.
The attraction of the same sector continues to fade, most of the tokens losing 25% or more in the last 16 days. Giga dropped by 42%, Popcat 35%, Fartcoin and PNUT both 31%, while Bonk and WIF each decreased by 25%. These losses slow down enthusiasm as to the increase in the Dex de Solana market share.
Another concern for Sol investors is the rise of hyperliquid, which has become the dominant blockchain for perpetual trade. This change has reduced its interest in Ethereum and Decentralized Autonomous Decentralized (DAPP) on Solana and BNB applications.
According to Defillama, the 30 -day hyperliquidal trading volume was 84% higher than the combined total of its five largest competitors. More importantly, its success has fueled speculations that other projects can launch their own independent blockchains, including potentially the main DAPPs based in Solana such as Pump.fun.
This fear has weakened the conviction of traders that Solana can become the dominant player. This loss of confidence is visible on the derivative markets, where the demand for long -speaking positions in soil has decreased.
In a neutral market, perpetual term contracts generally show an annualized financing rate of 5% to 12% for long positions. When this rate becomes negative, it signals a lower feeling while shorts pay to maintain their businesses. Over the past 30 days, derivative data shows no sustained optimism for soil.
The largest potential soil catalyst remains the possible approval of a fund (ETF) on the Solana Spot Exchange (ETF) by the Securities and Exchange American Commission, with a decision expected in October. Until then, the bulls count on the technical forces of the network to support the recovery of prices.
In relation: Us Crypto ETF approval Odds Surge to ‘90% or more ‘ – Bloomberg Analysts
Davo, from Drift Protocol, noted that Solana’s robust base layer supports the “availability of assets”, which means that tokens can be used natively as a guarantee. He also underlined the absence of an “out -of -chain correspondence engine”, which helps protect Dex users from reorganization or hierarchy of transactions.
Despite its association with same and the launches of tokens, the Solana ecosystem has broader use cases. And while hyperliquid can be an aberrant value, other reached blockchains, such as Berachain, have failed to maintain significant levels of deposit. Given the low costs of Solana and high scalability, a return to the $ 180 could occur even before the ETF decision in October.
This article is for general information purposes and is not intended to be and must not be considered as legal or investment advice. The points of view, the thoughts and opinions expressed here are the only of the author and do not reflect or do not necessarily represent the opinions and opinions of Cointellegraph.
