So, here’s the scoop: the beloved Solana token, otherwise known as SOL, is having a bit of a mid-life crisis—up 17% from its February 28 low of $125 but still stubbed its toe on that pesky $180 ceiling. I mean, it’s like watching your best friend try on a dress that’s two sizes too small. And let’s be real, at $145, it’s still nearly 50% off from its glamorous high of $295 on January 19—cue the traders’ collective sigh of despair. 😱
Analysts are wagging their fingers and pointing toward the memecoin market crash as the villain in this drama, while onchain activity looks like it’s been ghosted by everyone—liquid staking, synthetic perpetuals, NFTs? C’mon guys, are we even trying here? 😒
With blockchain fees taking a nosedive of 73% (according to DefiLlama, who is apparently now the expert on all things sad), it seems like nobody wants to party with SOL anymore. I guess the memecoin launches wore everyone out? Who knew crypto parties could be this exhausting? 🥳
In a jaw-dropping twist, Jito, which is Solana’s largest liquid staking DApp, is now only having a party for 44% of its previous guests. And Magic Eden? The NFT marketplace that everyone loved is now like that bar nobody goes to anymore, with a 38% reduction in active addresses. Save (formerly Solend) also took a hit, losing 42% over the same time. Talk about a crypto ghost town! 👻
And while SOL is drowning in a sea of inactivity, Ethereum’s layer-2 Base is only scraping a 2% decline in active addresses. That’s right, Ethereum is basically the cool kid at school while SOL is left standing awkwardly by the punch bowl. Even Ethereum’s base layer is showing more action, dropping only 17% in active address engagement. Let’s just say SOL seems to be getting all the wrong attention. 😬
The Trump Card? No, Seriously… Feel Bad for SOL!
One reason SOL isn’t rising? Leverage demand is flatter than a pancake. The funding rate on SOL perpetual futures is negative. Yes, folks, that means sellers are paying to keep their positions open. What a mood! At a negative 0.01% funding rate (that’s a fancy way of saying you’re losing money), it’s just not sexy anymore.
And while the monthly 0.9% fee doesn’t sound like much, the fact that no one is rushing to leverage buy SOL after a 52% plunge is a real mood killer. Now, if someone could just send in a potential approval for a Solana spot ETF to stir the pot, that might change everything—who doesn’t love a good comeback story? 🤞
Of course, there’s a camp of critics stating that worrying about Solana’s activity is kind of ridiculous. Apparently, 95% of network fees only came from a measly 1.3% of users. This elite group seems to be rolling in the crypto dough, thanks to Wintermute and those crafty MEV bots. Apparently, the rest of us are just along for the ride. 😒
So, what’s holding SOL back from reclaiming that elusive $180 throne? It seems like World Liberty Financial is channeling their inner Trump, investing in everything except SOL, even though the much-discussed Official Trump memecoin just launched on the Solana network. It’s like trying to get the cool kids to play with you at recess but ending up alone by the swings. 😭
In short, for SOL to throw a triumphant comeback party involving unicorns and rainbows, we need to tackle four major concerns: onchain activity, leverage demand, pesky MEV bots, and Trumponomics. Let’s cross our fingers! 🤞
This article is for general information purposes and is not intended to be taken as legal or investment advice. Clearly, the views expressed here are purely those of the author, who is probably too caffeinated and writing from a questionable coffee shop. ☕️
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2025-03-08 01:42