Ah, dear reader, on this fateful day of March 19, the illustrious Solana, that sprightly token known as SOL, has danced its way up by a staggering 8%! Investors, those brave souls, have turned their gaze towards riskier assets, all while awaiting the sage words of the venerable Jerome Powell, the Chair of the US Federal Reserve. Interest rates, it seems, are to remain as stable as a cat on a hot tin roof, while analysts whisper sweet nothings about a softer inflation outlook for the year 2025. Meanwhile, the metrics of onchain and derivatives for our dear Solana suggest that the price of SOL may yet have more room to frolic.
In a curious twist, the cryptocurrency market has mirrored the capricious movements of the US stock market, indicating that SOL’s gains were not birthed from any industry-specific news. No, not even the tantalizing rumor that the US Securities and Exchange Commission might finally drop its four-year-long lawsuit against Ripple, like a hot potato!
On this very day, the Russell 2000 index futures, those whimsical trackers of US-listed small-cap companies, have soared to heights not seen in twelve days. And yet, amidst a broader slowdown in the activity of decentralized applications (DApps), our dear Solana shines like a diamond in the rough.
Solana’s TVL continues to rise
Now, let us not forget that Solana’s onchain volumes have taken a nosedive of 47% over the past fortnight. But fear not! Similar declines have been observed across Ethereum, Arbitrum, Tron, and Avalanche, revealing that this is not merely a Solana-specific malaise. In fact, the total value locked (TVL) in the Solana network has reached heights unseen since July 2022, bolstering SOL’s bullish momentum like a well-fed cat.
On March 17, Solana’s TVL climbed to a staggering 53.2 million SOL, marking a 10% increase from the previous month. In a delightful comparison, BNB Chain’s TVL rose a mere 6% in BNB terms, while Tron’s deposits plummeted by 8% in TRX terms. Despite the DApp activity resembling a sloth on a lazy Sunday, Solana continues to attract deposits like a moth to a flame, showcasing its resilience.
Our dear Solana has been propelled by the winds of strong momentum, courtesy of Bybit Staking, which has surged by 51% in deposits since February 17, and Drift, a perpetual trading platform, boasting a 36% increase in TVL. The restaking app Fragmentic has also recorded a remarkable 65% rise in SOL deposits over the past 30 days. In nominal terms, Solana has secured its second-place position in TVL at a whopping $6.8 billion, leaving BNB Chain’s $5.4 billion in the dust.
Even amidst the market’s tempestuous downturn, several Solana DApps have managed to remain among the top 10 in fees, outshining larger competitors like Uniswap and Ethereum’s leading staking solutions. What a delightful spectacle!
Among the leaders in fees, we find Solana’s memecoin launchpad Pump.fun, the decentralized exchange Jupiter, the automated market maker and liquidity provider Meteora, and the staking platform Jito. More amusingly, Solana’s weekly base layer fees have now surpassed those of Ethereum, which holds the crown with a staggering $53.3 billion in TVL.
SOL derivatives hold steady as token unlock fears subside
Despite a 27% decline in SOL’s price over the past 30 days, the demand for leveraged positions remains as balanced as a tightrope walker, with longs (buyers) and shorts (sellers) playing a game of cat and mouse, as indicated by the futures funding rate.
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2025-03-20 00:37