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Solana’s native token, SOL, has recorded a 9% decline over the past week, with a 3% drop on Dec. 19 alone. As of today, SOL trades at $210, 20% below its $264 all-time high reached on Nov. 24. This downturn is influenced by a combination of market-wide sell-offs, declining total value locked (TVL), and reduced on-chain activity.Market-Wide Sell-Off Affects SOL PriceA broader cryptocurrency market correction has weighed heavily on Solana’s price. Federal Reserve Chair Jerome Powell’s hawkish comments about the 2025 economic outlook triggered panic selling. Bitcoin (BTC) dropped 2.7%, and Ethereum (ETH) fell 4.6%, reflecting a general bearish sentiment.The Federal Reserve’s decision to cut rates by 25 basis points was overshadowed by Powell’s post-announcement statements, which revised the 2025 inflation outlook to 2.5% and indicated limited further rate cuts. These developments caused the total crypto market cap to fall 3.8% over 24 hours, resting at $3.53 trillion.Declining TVL on SolanaSolana’s total value locked (TVL) decreased by 4.5% over the last seven days, dropping from $9.37 billion on Dec. 12 to $8.9 billion. Data from DeFiLlama shows that layer 2 protocols like Jito and Sanctum posted significant TVL losses, reflecting reduced interest in Solana-based DeFi applications.This decline in TVL mirrors the drop in SOL’s price, highlighting fading trader interest. On-chain data from Dune reveals a sharp reduction in daily transactions on Solana’s network, nearly halving since Nov. 20. Additionally, daily revenues fell from a year-to-date high of 55,832 SOL ($12 million) on Nov. 23 to 5,391 SOL ($1.13 million) on Dec. 18.Technical Analysis: Bearish Trends and Key LevelsSolana’s price action has painted an inverted V-shaped pattern on the daily timeframe. Resistance at the $215–$230 supply zone, coupled with a Relative Strength Index (RSI) below 50, signals seller dominance. Immediate support lies between $190 and $200, reinforced by the 100-day and 200-day exponential moving averages (EMAs). A close below $190 could push SOL toward $150.Conversely, holding above $200 could invalidate the bearish outlook. Optimistic analysts like Jelle anticipate a breakout, citing Solana’s formation of a falling wedge and higher lows on lower timeframes. “Still believe this one is back in price discovery before Christmas. Bring on $300,” Jelle shared on Dec. 18.Challenges Ahead for SolanaThe current trends indicate significant challenges for Solana, including declining TVL, suppressed on-chain activity, and stiff market resistance. However, the community’s resilience and potential recovery in broader market conditions may support SOL’s price rebound, according to Cointelegraph.

According to Odaily, the cryptocurrency market has witnessed a notable movement as Solana's SOL token experienced a rebound, surpassing the 210 USDT mark. As of the latest reports, SOL is trading at 210.03 USDT. This development comes as the 24-hour decline in SOL's value has narrowed to 2.66%, indicating a potential stabilization in its recent price fluctuations. The rebound of SOL above the 210 USDT threshold is significant for traders and investors who have been closely monitoring the token's performance. The narrowing of the 24-hour loss suggests a possible shift in market sentiment, as SOL attempts to recover from its recent downturn. Market analysts are likely to interpret this movement as a sign of resilience, although the broader market conditions continue to influence the token's trajectory. As the cryptocurrency market remains volatile, the performance of tokens like SOL is subject to rapid changes. Investors are advised to stay informed about market trends and developments that could impact the value of their holdings. The recent rebound of SOL may offer a glimmer of hope for those invested in Solana, but caution is still warranted given the unpredictable nature of the crypto market.

According to Foresight News, Bitwise, a crypto asset management firm, has introduced a Solana staking exchange-traded product (ETP) in Europe, with the ticker symbol BSOL. Marinade, a Solana staking company, will serve as Bitwise's staking service provider. This development comes less than a month after Bitwise announced plans to list a Solana ETF in the United States by registering a statutory trust in Delaware.

According to Odaily, Solana Floor recently reported on platform X that over the past seven days, more than $300 million in assets have been bridged from other blockchains to the Solana network. Notably, assets transferred from Ethereum to Solana accounted for over $200 million of this total. This substantial movement of assets highlights Solana's growing appeal among blockchain users and developers. The influx suggests a rising confidence in Solana's capabilities, possibly driven by its high-speed transactions and lower fees compared to other networks. As the blockchain ecosystem continues to evolve, Solana's ability to attract such significant asset transfers could position it as a formidable player in the decentralized finance (DeFi) space. The trend of bridging assets from Ethereum to Solana may also reflect users' desire to diversify their holdings across multiple platforms, seeking to leverage the unique advantages offered by each blockchain. As Solana continues to develop and expand its ecosystem, the network's capacity to handle large volumes of transactions efficiently could further enhance its attractiveness to users and developers alike.

According to PANews, recent reports from Scam Sniffer on the X platform have revealed that two victims have suffered a loss of 272 SOL due to a Solana address poisoning attack. This incident is part of a larger pattern, with the same fraudster responsible for over $3.1 million in losses through similar attacks over the past month. The Solana address poisoning attack involves malicious actors exploiting vulnerabilities within the Solana network to redirect funds from unsuspecting users. This method has become increasingly prevalent, raising concerns about the security measures in place to protect digital assets on the Solana blockchain. The recent incidents highlight the need for heightened vigilance among users and the importance of implementing robust security protocols to safeguard against such fraudulent activities. As the cryptocurrency landscape continues to evolve, the frequency and sophistication of cyberattacks are expected to increase. Users are advised to exercise caution and remain informed about potential threats to their digital assets. The Solana community and developers are urged to address these vulnerabilities promptly to prevent further financial losses and maintain trust in the network.

According to Odaily, a recent developer report by venture capital firm Electric Capital reveals that Solana has become the preferred blockchain for new developers. The report highlights that out of 39,148 new developers who began exploring cryptocurrencies this year, 7,625 chose to develop on Solana. This marks an 83% year-over-year increase in the number of developers on the Solana network. This growth rate is notable as it surpasses Ethereum's for the first time since 2016.Despite Solana's impressive growth, Ethereum remains the largest blockchain in terms of total developer count across North America, South America, Asia, Europe, and Africa. Solana ranks second in these regions based on developer numbers. The report also indicates that several other blockchains have seen significant increases in developer activity in 2024. Aptos, Base, Bitcoin, Internet Computer, NEAR, Polkadot, Polygon, Starknet, and Sui each added over 1,000 developers. Additionally, BNB, Optimism, Scroll, Stellar, and TON have each attracted 500 new developers.

According to Odaily, DeFi platform Step Finance has announced the acquisition of early-stage startup Moose Capital, a company specializing in the tokenization of traditional stocks. This strategic move positions Step Finance to become the first entity to introduce tokenized trading of major stocks like Nvidia and Tesla within the Solana ecosystem.Step Finance aims to serve as a comprehensive portfolio management tool and analytics hub for Solana users. The platform's expansion into stock tokenization is expected to enhance its offerings, providing users with innovative investment opportunities. By integrating traditional financial assets into the blockchain space, Step Finance seeks to bridge the gap between conventional and decentralized finance, offering a seamless experience for investors.In addition to its core functionalities, Step Finance also operates SolanaFloor, a media company focused on the NFT market, and Solana Allstars, a global event initiative active in over 50 cities. These ventures highlight Step Finance's commitment to fostering a vibrant ecosystem around Solana, supporting both digital asset management and community engagement. The acquisition of Moose Capital is a significant step in expanding its capabilities and influence within the blockchain industry.

According to U.Today, the cryptocurrency market recently experienced a brief downturn, affecting major digital currencies, including Solana (SOL). Earlier this week, SOL's price dropped to a range between $215 and $220. However, Solana has since shown a strong recovery, trading with significant bullish momentum. At the time of writing, SOL's price was $225.43, marking a 4.25% increase over the past 24 hours. Analysts suggest that this rise could signal the beginning of a broader price recovery for Solana. Solana's recent performance has outpaced other leading cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH). Bitcoin saw a modest increase of 0.69% in the last 24 hours, while Ethereum rose by 0.2% during the same period. This trend has fueled optimism among investors that Solana might spearhead the next market rebound. Historically, Solana has shown resilience in bouncing back from market corrections, often driven by community enthusiasm. In addition to price movements, Solana has made gains in key performance metrics. Data from DefiLlama indicates that Solana's Total Value Locked (TVL) has risen to $9.103 billion, reflecting increased user trust in the platform's security and reliability. As more assets are locked into the platform, SOL's price is expected to continue its upward trajectory. Furthermore, Solana's Futures Open Interest (OI) has grown by 2.18% to $5.17 billion in the last 24 hours, according to CoinGlass. This rise in OI suggests heightened investor engagement and confidence in Solana's market potential. Overall, Solana's price outlook remains positive, supported by a rising TVL in decentralized finance (DeFi), excitement surrounding the spot SOL ETF, an active developer community, increasing OI, and favorable market sentiment. These factors collectively indicate that Solana could be poised to reach new all-time highs and potentially lead the next market rebound.

According to Finbold, Solana (SOL) is showing signs of a potential significant rally, with technical indicators suggesting a possible 1,600% increase in value. The decentralized finance (DeFi) asset is currently forming a 'cup and handle' pattern, a bullish setup that often precedes price breakouts. This pattern, highlighted by cryptocurrency analyst Ali Martinez, indicates a period of accumulation and consolidation, with the base forming between late 2022 and early 2024. The handle, a shorter-term pullback, aligns with Solana's recent price movements around the $250 resistance level. Martinez suggests that if Solana breaks out from this pattern, it could target a record high of around $4,000, supported by the 1.618 Fibonacci extension pointing to $2,236 and the 1.786 extension aligning with the $4,000 target. Solana's current position above the 0.786 retracement level of $123.44 further supports its bullish momentum. However, no specific timeline has been provided for when these targets might be achieved. Achieving a $4,000 price would significantly elevate Solana's market cap, potentially placing it on par with Bitcoin if the latter experiences minimal growth. In the short term, Solana has faced bearish sentiments, but recent developments suggest a potential reversal. Trading analyst CryptoBusy noted a double-bottom pattern in the one-hour timeframe, indicating a possible bullish breakout. If this momentum continues, Solana could target the 0.5 Fibonacci level at $225 and the 0.618 level at $230, with a potential price increase of $10 (4.56%) from the breakout point. On-chain metrics also support this outlook, with data from DeFiLlama showing a surge in Solana's daily trading volume from $2.92 billion to $5.99 billion, reflecting growing liquidity and investor interest. Regulatory developments could also impact Solana's price. The Securities and Exchange Commission (SEC) is anticipated to approve a Solana exchange-traded fund (ETF), although outgoing SEC Chair Gary Gensler has reportedly rejected it, questioning Solana's status as a security. The Solana community remains hopeful for approval under a potential new administration. At the time of reporting, Solana was trading at $225.60, with daily gains of over 5%, although it is down nearly 3% on the weekly chart. Solana's trading above the 50-day and 200-day simple moving averages, along with a 14-day relative strength index of 45.25, suggests room for growth without entering overbought conditions, indicating a strong potential for an impressive 2024.

According to Odaily, Solana's liquid staking protocol, Marinade, has introduced a governance proposal aimed at tackling the issue of malicious validators and democratizing Maximal Extractable Value (MEV) on the Solana network. The proposal invites community feedback and outlines several key initiatives.The first initiative involves the establishment of a public committee to oversee delegations. This committee would be responsible for monitoring and ensuring the integrity of validator operations, thereby enhancing the security and reliability of the network. By creating a transparent oversight mechanism, Marinade aims to mitigate the risks posed by malicious actors within the validator community.Another significant measure proposed is the reopening of the public memory pool. This step is intended to foster greater transparency and accessibility within the network, allowing for more equitable participation in the extraction of MEV. By making the memory pool public, Marinade seeks to level the playing field and prevent any single entity from monopolizing MEV opportunities.Additionally, the proposal includes funding for research into Solana's MEV to enhance transparency and data availability. This research initiative aims to provide the community with a clearer understanding of MEV dynamics on the network, promoting informed decision-making and fostering a more democratic ecosystem.Marinade's proposal reflects a proactive approach to addressing the challenges posed by malicious validators and the concentration of MEV. By engaging the community and implementing these measures, Marinade hopes to strengthen the Solana network's resilience and ensure a fairer distribution of value among its participants.

According to Odaily, recent data from ranger.finance reveals that more than $200 million has been liquidated on the Solana Perps exchange within the past 24 hours. This significant liquidation event highlights the volatility and rapid market movements experienced by traders on the platform. The Solana Perps exchange, known for its decentralized trading environment, has seen a surge in trading activity, leading to substantial liquidations. This development underscores the inherent risks associated with leveraged trading, where market fluctuations can lead to significant financial consequences for traders. The liquidation figures reflect the broader market trends and the challenges faced by participants in navigating the volatile cryptocurrency landscape. As the cryptocurrency market continues to evolve, traders on platforms like Solana Perps must remain vigilant and informed about market conditions. The recent liquidation event serves as a reminder of the importance of risk management strategies in trading. With the ongoing developments in the crypto space, market participants are advised to stay updated on market trends and adjust their trading strategies accordingly to mitigate potential losses.

According to Odaily, Scam Sniffer recently highlighted on platform X that many attackers targeting Solana wallets are circumventing wallet blacklists by utilizing third-party domains. This includes registering expired DAPP domains and exploiting XSS vulnerabilities. Users are advised to be cautious if a DAPP prompts a second window or redirects them to connect in another window, as this could indicate a security risk. In related news, blockchain investigator ZachXBT reported on his Telegram channel that a victim recently suffered a theft of over $2.2 million worth of meme coins on the Solana blockchain. The stolen assets included $1.43 million worth of PNUT, $400,000 worth of ZEREBRO, and $130,000 worth of ALCH. This incident underscores the ongoing vulnerabilities and risks associated with digital asset security on blockchain platforms.

According to Odaily, the cryptocurrency market witnessed a brief surge in Solana's (SOL) price, which momentarily exceeded 240 USDT. However, the price quickly retracted and is currently reported at 239.99 USDT. Over the past 24 hours, Solana has experienced a decline of 0.87%. This fluctuation in Solana's value highlights the volatile nature of the cryptocurrency market, where prices can change rapidly within short periods. Investors and traders are advised to stay informed about market trends and potential factors influencing price movements. The recent dip in Solana's price may prompt market participants to reassess their strategies and monitor further developments closely. As the cryptocurrency landscape continues to evolve, market participants are encouraged to remain vigilant and consider the inherent risks associated with digital asset investments. The dynamic shifts in Solana's price serve as a reminder of the importance of staying updated with the latest market information and trends.

According to DLNews, the US Securities and Exchange Commission (SEC) is expected to reject several applications for Solana spot exchange-traded funds (ETFs), potentially deferring the decision to the next administration. Reports indicate that at least two out of five potential issuers have been informed of the likely rejection. Fox Business reporter Eleanor Terrett, citing sources, suggested that the SEC is unlikely to approve any new crypto ETFs during the Biden administration. Bloomberg Intelligence analyst Eric Balchunas described this as SEC Chair Gary Gensler’s 'parting gift.' Analyst James Seyffart also noted that the SEC’s Trading and Markets division is unlikely to approve a Solana ETF due to the agency's current classification of Solana as a security or securities offering. Seyffart suggested that Gensler might prefer to leave the decision to the next administration.Several major firms, including Bitwise, VanEck, 21Shares, and Canary Capital, have submitted applications to launch Solana ETFs. Institutional interest in Solana has been increasing, driven by its speed, scalability, and rising user activity. Eliezer Ndinga, head of strategy at 21.co, emphasized Solana's growing appeal to investors, noting the ecosystem's momentum. Solana's rapid growth in 2024, with its SOL token rising 160% year-to-date, has further attracted institutional attention. Looking forward, analysts anticipate a shift under President-elect Donald Trump’s incoming SEC Chair, Paul Atkins, known for his crypto-friendly stance and support for digital asset innovation. Trump's regulatory appointments, including Atkins, Treasury Secretary nominee Scott Bessent, and Commerce Secretary nominee Howard Lutnick, indicate a potentially more favorable approach to crypto markets. Analysts like Seyffart believe that the approval of Solana ETFs is a matter of 'when, not if,' with the Trump administration expected to create new opportunities for crypto-friendly capital markets. Gensler is set to step down as SEC chairman on January 20. If Gensler blocks the Solana ETF approvals, Balchunas anticipates that issuers will refile under the Atkins administration.

According to PANews, Solana developers have proposed an increase in the network's block computation limit from 48 million units to 50 million units. This proposal aims to enhance transaction processing and improve network efficiency. The details of this incremental increase were shared through Solana's improvement documentation on GitHub. The proposal is designed to boost transaction handling without compromising network performance.Andrew Fitzgerald, a software developer at Anza and the author of the proposal, mentioned that the idea is still in its draft stage. This indicates that further refinements may occur before final approval is granted. The proposal reflects ongoing efforts to optimize Solana's network capabilities and address the growing demand for efficient transaction processing. As the proposal is still under consideration, stakeholders and developers may continue to discuss and refine the plan to ensure it meets the network's needs effectively.