SOL trend analysis: data is stable, waiting to explode

1. The current total locked-up volume of the SOL chain is 4.444 billion U.S. dollars, a slight increase of 1.76% compared to yesterday. Fortunately, the situation has stabilized and has not declined further. The current trend follows BTC.

2. It is worth mentioning that the number of active wallets in 24 hours increased from 4.32 million the previous day to 6.14 million, an increase of 40%. This increase shows a significant increase in user engagement and network activity. But compared with the previous day, the total 24-hour cost dropped by 20.88%, and the total revenue dropped by 26.47%. This is related to a reduction in transaction volume, which means that on-chain activity has slowed down. Waiting for the arrival of two popular projects, the independent market can be restored.

3. Despite facing a short-term decline in transaction volume (larger due to weekend factors), judging from multiple key indicators, the long-term foundation of the Sol ecosystem remains solid. The increase in user activity, the steady growth in lock-up volume, and the growth in the market value of cross-chain bridges and stablecoins all indicate that Sol can explode at any time.

4. Technically, SOL has just recovered to the box above 178, but it has not climbed actively. Due to poor liquidity at the weekend, it needs to be observed whether it can effectively stabilize. (As shown in the picture) The upper-end pressure is 189.5, and the lower-end strong support still focuses on around 168.

Personally, I am still bullish on the trend next week.

*The following data were collected at the time of writing and may be biased due to time changes.

Sol ecological data sharing on April 6, 2024:

1. Sol’s 24-hour trading volume reached US$1.513 billion, a decrease of 43.31% compared to yesterday.

2. The current total market value of sol is US$100.759 billion, a slight increase of 0.69% compared to yesterday, and the current total circulating market value is US$78.184 billion.

3. The number of active wallets in Sol chain in 24 hours was 6.14 million, an increase of 42.05% compared to yesterday, and the number of new token accounts was 3.51 million, a slight decrease of 2.58% compared to yesterday.

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4. The current total lock-up volume of Sol chain is 4.444 billion U.S. dollars, a slight increase of 1.76% compared with yesterday. USDC accounts for 41.14%, and USDC’s proportion is almost the same as before.

5. The total 24-hour cost of Sol chain is 2.16 million US dollars, a decrease of 20.88% compared to yesterday.

, the total revenue in 24 hours was US$1.08 million, a decrease of 26.47% compared to yesterday.

6. The 24-hour vol of Sol chain was US$1.278 billion, a decrease of 26.47% compared to yesterday. The total vol in 7 days was US$9.186 billion, an increase of 16.24% in 7 days. The total market value of Chain Cross Chain Bridge is US$23.948 billion, an increase of 3.23% compared to yesterday.

7. The current stablecoin market value of Sol Chain is as high as 3.065 billion US dollars, a slight increase of 0.03% compared with yesterday, of which 24-hour transactions are as high as 2.84 million transactions, and the current total liquidity is as high as 200 million US dollars.