The native Solana token (SOL) plunged 21% last week to its lowest level in nearly six weeks. This resulted in liquidations of $113 million worth of SOL leveraged long futures contracts. Can support hold at $130?
🚀 Despite the decline, some believe that Solana’s premium is justified due to the rapid expansion of its ecosystem, with many projects launching their own tokens. Additionally, Coinbase announced a full integration with the decentralized Solana ecosystem, making the trading process easier for users.
📊 Between April 12 and April 17, open interest in SOL futures fell 40% to $1.5 billion, reflecting a drop in demand for leverage. Funding rates for SOL futures have been negligible since April 12, indicating a balance of interest between long and short positions.
🔧 Despite recent network congestion issues, Solana DApps activity has not stopped. Recent data shows that the transaction volume of Solana DApp has increased significantly, increasing by 60% to $1.3 billion last week.
Yesterday's comprehensive layout took it all.
Will it continue to bottom out today?
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