■Will Solana Price Hold $180 After 30% Drop in Weekly DApp Volumes?
●Solana’s SOL token struggled to maintain levels above $200 after multiple rejections on Dec. 25–26, dropping 5.1% compared to the broader market’s 3.5% decline. Concerns arose as Solana’s on-chain network volumes fell 30% over the past week, the steepest decline among the top 10 blockchains. Despite securing $20.9 billion in weekly volumes, Solana lagged behind Ethereum, which saw only a 15% drop.
Weekly DApp volumes also showed negative trends, with Orca and Phoenix activity down 39%, and Raydium losing 30%. Memecoins on Solana, which play a key role in attracting users, saw steep declines over 30 days—Popcat fell 42%, Dogwifhat dropped 40%, and BONK lost 25%. This highlights Solana’s dependence on on-chain activity to sustain SOL demand.
●Solana’s Total Value Locked (TVL) Hits a Two-Year High
Despite these setbacks, total deposits on Solana reached a two-year high of 44 million SOL, a 16% monthly increase driven by platforms like Binance Staked SOL and Drift. However, Jito, Sanctum, and MarginFi recorded declines in deposits.
●SOL Futures Show Resilience Amid Price Drops
In the derivatives market, SOL futures remained stable. While the annualized premium dropped from 20% on Dec. 18 to 10%, it still reflects neutral-to-bullish sentiment. Retail traders’ sentiment was more cautious, with perpetual futures funding rates turning negative on Dec. 27, signaling weaker demand from leveraged buyers.
SOL’s price has declined 30% since its November all-time high of $264.50. Combined with reduced memecoin activity and on-chain engagement, the short-term outlook for SOL appears moderately bearish. However, derivatives data suggest that whales and market makers remain optimistic, limiting downside risk below $180.
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