SOL reclaims $72, but onchain data flags weakening momentum
Solana's native token SOL has seen a slight price recovery, though on-chain data indicates weakening momentum and declining network activity. Despite growth in tokenized stock trading, decentralized exchange volumes and total value locked have trended downward.
Why it matters
The data highlights potential sustainability issues for Solana's ecosystem, particularly its reliance on volatile memecoin activity and declining DeFi engagement.
Solana native token $SOL jumped to $72 on Friday, distancing itself from the $64 lows the prior day. Part of traders’ optimism stemmed from the stellar growth of tokenized stock trading, fueled by the AI sector. However, increasing competition in decentralized application networks could limit $SOL ’s short-term upside.
The article relies on objective on-chain data metrics from third-party aggregators to assess market performance.
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