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Cryptocurrencies: 12,870
Markets: 940
Marketcap: $ 2.06 T(0.18%)
24h Vol: $ 77.17 B
BTC Dominance: 48.69%

Solana Price Struggles Amid Declining On-Chain Activity

Key Takeaways

Solana’s price attempted a rebound this week after retesting last week’s lows, but on-chain metrics suggest further downside potential.

TVL and Trading Volumes Decline

According to DeFi Llama data, Solana’s Total Value Locked (TVL) has declined 20% from its December peak to $4.125 billion currently.

Lower On-Chain Activity

As shown by The Block, several on-chain metrics for Solana appear to have peaked and are trending lower, including trading volumes, new addresses, and value transferred.

Total trading volumes on major Solana DEXs hit a 1-month low over the weekend.

Network Fees Decline

Declining on-chain activity has reduced network fees collected by Solana, hitting a 1-month low of $306,000 on Saturday.

Chart Patterns Point to Further Downside

Solana’s chart patterns, including a bearish descending triangle, suggest the possibility of a break below the $86 support level.

Alternative Investment Opportunity

The risky Meme Kombat gaming platform is suggested for high-risk/high-reward opportunities.

Crypto bears high risk. This does not constitute investment advice. You may lose your entire capital invested.

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