SOL trend analysis: downtime crisis leads to big drop

1. The most noteworthy thing is that the SOL chain lock-up volume has dropped by 7.69%, and the proportion of USDC has also dropped slightly. Some players have begun to withdraw funds or the funds on the chain have begun to flow to other places.

2. However, the total fees and total revenues of the SOL ecosystem have increased, increasing by 7.48% and 7.09% respectively. Despite the outflow of funds, the on-chain activities are still vigorous, and SOL is still very profitable. The transaction volume has also reached 2.89 million. Overall, the increase in on-chain activities shows that the ecosystem is growing.

3. At present, SOL is in a defensive decline. Yesterday, its founder also said that he would optimize the downtime technical problems as soon as possible. I observed that market makers also began to hang up BTC, ending the independent market. This is also a defensive decline to avoid excessive prices leading to a large outflow of funds on the chain. Yesterday, more than 75% of "non-voting" Solana transactions failed, setting a record high negative rate. This is also one of the main reasons for the sharp drop in Coin Home yesterday.

4. Yesterday's short downtime caused all the projects on the chain to explode, and the funds on the chain fled seriously. The news that the FTX bankruptcy consortium has sold about 1.6 billion US dollars of locked SoL is the main reason for the temporary suspension of the independent market. However, with the gradual stabilization of the BTC market, I believe that SOL will soon reopen the independent market mode.

5. Technically, SOL is still trying to restore the box above 178, and the current support is 166.5. Once it stands firm at 178, the next target will be to restore the 190 area. #SOL🔥🔥🔥🔥

I am Caishen, a veteran in the currency circle, and I only tell the truth. If you are interested in the currency circle and want to get started quickly but feel confused, please follow me and contact me through the homepage. I will provide you with real and valuable advice to help you move forward steadily. Explore, grow and create brilliance in the currency circle together!