🔥👀Will Solana Get Back His Losses? 👀👀
Investors are concerned that Solana (SOL)'s downward trend will continue even as the broader cryptocurrency market recovers. However, on-chain data and derivative markets point to the potential for Solana to return to the $160 level.
Solana, which has recently fallen behind its competitors in terms of decentralized applications (DApps), has experienced significant development in the last seven days. While its competitors such as Ethereum, BNB Chain and Polygon showed a decrease in the number of active users, Solana's number of active users increased by 19%. During the same period, Solana's DApp volumes increased by 12% to $703 million; Meanwhile, Ethereum recorded a 37% decline. Solana's decentralized exchange Raydium reached 1.71 million active addresses, up 39% in seven days, which is significantly higher than BNB Chain's leading DApp Move Stake's 198,570 active addresses.
Solana's futures markets are another important area that needs to be examined carefully. Perpetual contracts, known as inverse swaps, contain an embedded rate that is recalculated every eight hours. The eight-hour funding rate for SOL turned negative between July 5 and July 6; however, it is currently close to zero, indicating that demand between long and short positions is balanced.
My dear friends, do not hesitate to give your free support. I am trying to bring such news to you instantly. My only request from you is that if there is anyone who does not follow me yet, I would be happy if they follow me. Do not forget to like my articles and posts. Thank you.
