Brothers, today I will talk to you about the recent performance of SOL.
SOL has been hovering around $140 recently. It has fallen by 10% since the beginning of October, but during this period, the entire altcoin market has risen by 4%, which shows that SOL's performance is slightly weak. Now let's discuss whether SOL has a chance to return to $190 at the end of July in the future.
Let's look at the on-chain data first. Solana's average daily trading volume has dropped from $1.8 billion in July to $1.2 billion now, a drop of 33%. In contrast, Ethereum's trading volume has only dropped by 7%, while BNB's trading volume has even increased by 48%. This means that from the perspective of network processing fee demand, SOL has no reason to surpass its competitors for the time being.
However, SOL's TVL is growing. On October 8, the TVL reached 37.7 million SOL, an increase of 5% from a month ago. The TVL of Ethereum and BNB fell by 2% and 6%, respectively. This shows that although the transaction volume has decreased, Solana's network activity is still active. Finally, let's look at the performance of the derivatives market. SOL's futures financing rate turned negative on October 8, but returned to neutral on October 9. The current monthly financing fee of 0.9% indicates that market sentiment is relatively neutral, with no particularly strong bullish or bearish signals.
In summary, SOL's current performance is the same as most altcoin markets, with no strong upward signals in the short term. But if network activity continues to remain strong, there may still be opportunities for SOL to hit $190 again in the future. Be patient and wait for the next wave of opportunities!
