Solana's native token SOL experienced a significant decline of 22.5% from January 6 to January 13, testing support at $169. Although there was a 15% recovery by January 15, trading activity on the Solana network saw a 10.3% decrease. Notably, some decentralized applications (DApps) like Raydium and Orca faced declines, while Lifinity and stabble reported increases. In contrast, Ethereum saw a 9% rise in on-chain volumes during the same period. Despite a 5.9% decline in total value locked (TVL), Solana's metrics reflect broader market trends, with Ethereum also facing significant downturns. Investors remain optimistic about a potential spot ETF approval in the U.S. that could benefit Solana. Additionally, $1.5 billion of USD Coin was minted on Solana's network in a short span, highlighting ongoing user and institutional interest. Solana's ability to maintain a competitive edge against BNB Chain and Tron may fuel hopes of SOL breaking above $230 in the near term.

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