$SOL returned to $72, but the on-chain data isn’t nearly as exciting
$SOL rebound back to around $72; on the surface, it looks quite strong.
This rally is linked to increased activity in tokenized stock trading on the Solana blockchain, with money starting to trade the Solana ecosystem again. But Cointelegraph noted that on-chain data hasn’t strengthened in sync.
Solana’s TVL has fallen about 11% over the past month, and DEX trading volume has also dropped from roughly $30 billion at the beginning of February to around $10 billion. Looking at DApp revenue too, demand doesn’t seem stable.
So the key question right now is: the price bounced first, but real on-chain activity hasn’t caught up.
What this kind of market hates most is relying purely on narrative to pump the price. A short-term surge can work—no problem. But if TVL, DEX volume, and DApp revenue keep weakening, it will be harder for SOL to sustain a continued uptrend.
Next, the focus is whether it can hold steady around $72. If it’s just a rebound triggered by news, after pushing higher it’s easy to get knocked back by sell pressure. A healthier, more sustainable move would be: while price rebounds, on-chain activity and capital also warm up together.#solana
$SOL rebound back to around $72; on the surface, it looks quite strong.
This rally is linked to increased activity in tokenized stock trading on the Solana blockchain, with money starting to trade the Solana ecosystem again. But Cointelegraph noted that on-chain data hasn’t strengthened in sync.
Solana’s TVL has fallen about 11% over the past month, and DEX trading volume has also dropped from roughly $30 billion at the beginning of February to around $10 billion. Looking at DApp revenue too, demand doesn’t seem stable.
So the key question right now is: the price bounced first, but real on-chain activity hasn’t caught up.
What this kind of market hates most is relying purely on narrative to pump the price. A short-term surge can work—no problem. But if TVL, DEX volume, and DApp revenue keep weakening, it will be harder for SOL to sustain a continued uptrend.
Next, the focus is whether it can hold steady around $72. If it’s just a rebound triggered by news, after pushing higher it’s easy to get knocked back by sell pressure. A healthier, more sustainable move would be: while price rebounds, on-chain activity and capital also warm up together.#solana