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The volume of Solana Dex has exceeded the Ethereum, but the total activity remains far below the level that was seen in January.
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Hyperliquid dominance in trading in eternal futures weakens investors’ confidence in the long -term leadership of Solana.
Solana native token sol (Sol) Since June 12, he failed to obtain a level of $ 168, has fallen by 15%. This bear movement was monitored by a period of reduced network activity and weakening demand for memoins.
Recently, however, Solaa has regained second position in the volume of a decentralized stock exchange (Dex) and raised questions between traders about the potential of SOL to obtain the level of $ 180 in the near future.
DEX activity on Solana reached $ 64.1 billion in 30 days, according to Defillama Ethereum, it is $ 61.4 billion. While the BNB chain maintained the highest place with $ 159.6 billion during the same period, Solana gained a market share during June.
The key contributors to this growth include Raydium, with a capacity of $ 19.1 billion, followed by a pump. FUN with $ 14.2 billion and Orca at $ 13.9 billion. Yet the total dex activity on the solana remains 91% below January.
The attraction of the memecoin sector is still disappearing, with most 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 inhibit the enthusiasm of the growing share in the Solana market.
Another problem for investors SOL is The rise of hyperlinkingwho became a dominant blockchain for permanent trading. This shift has reduced interest in both the Ethereum Layer-2S and the separate decentralized applications (DAPP) on the Solana and BNB chain.
According to Defillam, the 30 -day business volume was 84% higher than the total of its five largest competitors. Even more importantly, its success was supported by speculation that other projects can launch their own independent blockchains, potentially, including the main DAPPS -based solena, such as pump.fun.
This fear weakened the beliefs of merchants that Solana can become a dominant player. This loss of confidence is visible in the derivative markets, where the demand for lever long positions in SOL decreased.
On a neutral market permanent future usually show analized financing rate 5% to 12% for long positions. When this rate changes negative, it is signals that bear sentiment, because shorts pay for maintaining their shops. Over the past 30 days, derivative data shows no lasting optimism for SOL.
The largest potential catalyst for Sol remains possible approval Fund of Traded with Solana (ETF) point exchanges from the US Securities and Stock Exchange Commission, with a decision expected in October. Until then, the bulls have been foreseen with the technical forces of the network to support price recovery.
Related: US CRYPTO ETF Approval of Chance on ‘90% or higher ‘- Bloomberg Analyst
Davo from Drift’s protocol noted that the robust base layer of Solana supports the “availability of assets”, which means that the tokens can natively be used as collateral. He also emphasized the absence of an “offchain comparative engine” that helps protect Dex users from reworking or prioritizing transactions.
Despite its connection with the MEMECOINS and Token, the Solan ecosystem has wider use. And while hyperliquide may be remote, another upstart blockchains like Berechain could not maintain a meaningful level of deposits. Due to the low solana and high scalability fees, it would return to the 180 $ $ Decision before the ETF decision in October.
This article is for general information purposes and is not intended and should not be considered legal or investment advice. The opinions, ideas and opinions expressed here are the author himself and do not necessarily reflect or present the opinions and opinions of Caintelegraph.
