Amid rising geopolitical risks and the spread of risk-averse sentiment in global markets, the cryptocurrency market once again faces severe fluctuations. Solana (SOL), as one of the mainstream blockchain assets that has performed well recently, is not spared from this round of turbulence, with a single-day drop nearing 10%.
The trigger for the incident came from the escalation of the situation in the Middle East. Israel's renewed airstrikes on Iran triggered a global safe-haven rush to hard assets such as gold and crude oil, gold prices soared in tandem with oil prices, risk assets generally fell, and the cryptocurrency market became the hardest hit area. On June 11, SOL rebounded to $167, but soon fell below the $145 mark and is currently stuck at $144.
This wave of sell-off triggered large-scale liquidations. According to on-chain data, during Friday's early trading, Bitcoin briefly fell below $103,000, triggering over $400 million in long position liquidations. Solana subsequently dropped by about 9.6%, with related liquidation amounts reaching $52 million, ranking just after BTC and ETH.
The fundamentals are solid, and the infrastructure remains unwavering.
Despite the high price volatility, the Solana ecosystem's fundamentals remained strong, with daily transactions stable at over 80 million and on-chain throughput and application revenue holding steady in the $40 million to $70 million range. The size of the liquidity staking token jitoSOL is approaching $7 billion, and validator revenue has not been significantly damaged, which means that grassroots users and infrastructure continue to operate, in addition, the staking ratio remains at 65.4%, and the net activation staking volume exceeds the net deactivation, further confirming that users' long-term confidence in Solana has not loosened.
The rotation of DEX is significant, and the new generation of aggregators stabilizes market fluctuations.
While overall DEX trading volume has slipped from a high of $6 billion in May to $2.5-3.5 billion currently, the DEX ecosystem on Solana has not stalled and Pump.Fun continues to dominate the meme craze, while SolFi is firmly in the SOL-USD trading pair market, with meta-aggregators such as Titan and Kamino Swap (Meta-aggregators) is quietly emerging, providing a better path through off-chain sources such as Pyth's Express Relay, and improving execution efficiency even as transaction volumes drop. In the context of slowing trading volume, these two platforms have strengthened execution efficiency and strategy transparency, and have become an important supplementary force for stabilizing the market.
Currently, the technical indicators show that SOL is testing the support zone of 140 USD. If it falls below, it may trigger a pullback towards the range of 123 or even 110 USD. If Bitcoin can hold above 100,000 USD and international crude oil prices decline, there is still a chance for Solana's recovery trend to emerge. In this market structure, crypto assets will once again be highly correlated with macro factors, with the Federal Reserve's policy direction and fluctuations in energy prices exerting influence on the prices.
Pure market observation, not any investment advice.
This article reports that Solana has fallen close to 10%, yet analysts remain optimistic about the infrastructure and new generation aggregators, first appearing in Chain News ABMedia.
The content is for reference only, not a solicitation or offer. No investment, tax, or legal advice provided. See Disclaimer for more risks disclosure.
Solana big dump close to 10%, analysts are still optimistic about infrastructure and new generation aggregators.
Amid rising geopolitical risks and the spread of risk-averse sentiment in global markets, the cryptocurrency market once again faces severe fluctuations. Solana (SOL), as one of the mainstream blockchain assets that has performed well recently, is not spared from this round of turbulence, with a single-day drop nearing 10%.
The trigger for the incident came from the escalation of the situation in the Middle East. Israel's renewed airstrikes on Iran triggered a global safe-haven rush to hard assets such as gold and crude oil, gold prices soared in tandem with oil prices, risk assets generally fell, and the cryptocurrency market became the hardest hit area. On June 11, SOL rebounded to $167, but soon fell below the $145 mark and is currently stuck at $144.
This wave of sell-off triggered large-scale liquidations. According to on-chain data, during Friday's early trading, Bitcoin briefly fell below $103,000, triggering over $400 million in long position liquidations. Solana subsequently dropped by about 9.6%, with related liquidation amounts reaching $52 million, ranking just after BTC and ETH.
The fundamentals are solid, and the infrastructure remains unwavering.
Despite the high price volatility, the Solana ecosystem's fundamentals remained strong, with daily transactions stable at over 80 million and on-chain throughput and application revenue holding steady in the $40 million to $70 million range. The size of the liquidity staking token jitoSOL is approaching $7 billion, and validator revenue has not been significantly damaged, which means that grassroots users and infrastructure continue to operate, in addition, the staking ratio remains at 65.4%, and the net activation staking volume exceeds the net deactivation, further confirming that users' long-term confidence in Solana has not loosened.
The rotation of DEX is significant, and the new generation of aggregators stabilizes market fluctuations.
While overall DEX trading volume has slipped from a high of $6 billion in May to $2.5-3.5 billion currently, the DEX ecosystem on Solana has not stalled and Pump.Fun continues to dominate the meme craze, while SolFi is firmly in the SOL-USD trading pair market, with meta-aggregators such as Titan and Kamino Swap (Meta-aggregators) is quietly emerging, providing a better path through off-chain sources such as Pyth's Express Relay, and improving execution efficiency even as transaction volumes drop. In the context of slowing trading volume, these two platforms have strengthened execution efficiency and strategy transparency, and have become an important supplementary force for stabilizing the market.
Currently, the technical indicators show that SOL is testing the support zone of 140 USD. If it falls below, it may trigger a pullback towards the range of 123 or even 110 USD. If Bitcoin can hold above 100,000 USD and international crude oil prices decline, there is still a chance for Solana's recovery trend to emerge. In this market structure, crypto assets will once again be highly correlated with macro factors, with the Federal Reserve's policy direction and fluctuations in energy prices exerting influence on the prices.
Pure market observation, not any investment advice.
This article reports that Solana has fallen close to 10%, yet analysts remain optimistic about the infrastructure and new generation aggregators, first appearing in Chain News ABMedia.