{"id":10144,"date":"2024-07-13T07:15:45","date_gmt":"2024-07-13T07:15:45","guid":{"rendered":"https:\/\/www.cryptometer.io\/news\/?p=10144"},"modified":"2024-07-13T07:05:53","modified_gmt":"2024-07-13T07:05:53","slug":"solanas-robust-metrics-point-to-possible-160-sol-recovery","status":"publish","type":"post","link":"https:\/\/www.cryptometer.io\/news\/solanas-robust-metrics-point-to-possible-160-sol-recovery\/","title":{"rendered":"Solana&#8217;s Robust Metrics Point to Possible $160 SOL Recovery"},"content":{"rendered":"\n<p>Solana&#8217;s native token, SOL, has faced challenges reclaiming the $145 mark since July 3. Despite this, Solana&#8217;s on-chain and derivatives metrics remain robust, suggesting potential for a rally to $160.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Market Performance<\/h3>\n\n\n\n<p>SOL has struggled to close above $145, primarily due to reduced investor interest in cryptocurrencies. This decline led to a 5% drop in the sector&#8217;s overall market capitalization over nine days. From July 3 to July 12, SOL fell 7.8%, underperforming BNB and Ether, which declined 6.5%.<\/p>\n\n\n\n<p>Traders worry that SOL&#8217;s bearish trend may persist even if the broader cryptocurrency market recovers. However, Solana&#8217;s solid on-chain metrics and derivatives suggest a possible reversal, potentially driving SOL above $160.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Solana&#8217;s Total Value Locked (TVL)<\/h3>\n\n\n\n<p>Solana&#8217;s ecosystem has seen some setbacks, with certain SPL tokens underperforming. For instance, DogWifHat (WIF) dropped 24%, Helium (HNT) fell 18%, and Jito (JTO) corrected by 18% between July 3 and July 12. These declines have reduced demand for SOL as less capital circulates within Solana&#8217;s decentralized applications (DApps).<\/p>\n\n\n\n<p>Despite these challenges, SOL remains the fourth largest cryptocurrency (excluding stablecoins) with a market capitalization of $65 billion. In comparison, Toncoin (TON) holds $18.4 billion, Tron stands at $12 billion, and Avalanche at $10.1 billion. Significantly, Solana&#8217;s TVL matched BNB Chain for the first time on July 5, narrowing the gap ever since.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Comparing Solana and BNB Chain<\/h3>\n\n\n\n<p>According to DefiLlama, BNB Chain had over twice Solana&#8217;s TVL by the end of 2023. This $2 billion gap has now closed, indicating increased capital deployment on the Solana network. Solana&#8217;s highlights include liquid staking Jito with $1.6 billion in deposits, Marinade with $1.1 billion, and Kamino nearing $1.1 billion in TVL.<\/p>\n\n\n\n<p>Tron holds the second position in TVL terms with $7.6 billion, but 72% of that comes from JustLend, raising concerns about the solidity of its reserves. Consequently, Solana is directly competing with BNB Chain for the second place in TVL.<\/p>\n\n\n\n<p>Also Read: <a href=\"https:\/\/www.cryptometer.io\/news\/ronaldinho-promoting-water-themed-solana-memecoin\/\">Ronaldinho Promoting Water-Themed Solana Memecoin<\/a><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Growing Network Activity<\/h3>\n\n\n\n<p>Solana has seen growth in user and volume activity. While Ethereum, BNB Chain, and Polygon experienced declines in active users, Solana&#8217;s user base grew by 19% over the past seven days. Solana DApps volumes also increased by 12% to $703 million, contrasting with Ethereum&#8217;s 37% decline.<\/p>\n\n\n\n<p>Solana&#8217;s decentralized exchange, Raydium, saw a 39% increase in active addresses, reaching 1.71 million in seven days. In comparison, BNB Chain&#8217;s leading DApp, Move Stake, had 198,570 active addresses.<\/p>\n\n\n\n<p>Analyzing SOL&#8217;s futures markets, the eight-hour funding rate for perpetual contracts turned negative between July 5 and July 6. However, it is now near zero, indicating balanced demand between buyers and sellers. While it&#8217;s uncertain what might boost investor confidence, Solana&#8217;s on-chain and derivatives metrics show no signs of stress.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Solana&#8217;s native token, SOL, has faced challenges reclaiming the $145 mark since July 3. Despite this, Solana&#8217;s on-chain and derivatives metrics remain robust, suggesting potential for a rally to $160. Market Performance SOL has struggled to close above $145, primarily due to reduced investor interest in cryptocurrencies. This decline led to a 5% drop in [&hellip;]<\/p>\n","protected":false},"author":6,"featured_media":4083,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[259,18],"tags":[],"class_list":{"0":"post-10144","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-altcoins","8":"category-market-updates"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Solana&#039;s Robust Metrics Point to Possible $160 SOL Recovery<\/title>\n<meta name=\"description\" content=\"Solana&#039;s native token, SOL, has faced challenges reclaiming the $145 mark since July 3. Despite this, Solana&#039;s on-chain and derivatives metrics remain\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.cryptometer.io\/news\/solanas-robust-metrics-point-to-possible-160-sol-recovery\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Solana&#039;s Robust Metrics Point to Possible $160 SOL Recovery\" \/>\n<meta property=\"og:description\" content=\"Solana&#039;s native token, SOL, has faced challenges reclaiming the $145 mark since July 3. Despite this, Solana&#039;s on-chain and derivatives metrics remain\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.cryptometer.io\/news\/solanas-robust-metrics-point-to-possible-160-sol-recovery\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoMeter.io\" \/>\n<meta property=\"article:published_time\" content=\"2024-07-13T07:15:45+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/www.cryptometer.io\/news\/wp-content\/uploads\/2024\/03\/IMG_1491.webp?fit=960%2C540&ssl=1\" \/>\n\t<meta property=\"og:image:width\" content=\"960\" \/>\n\t<meta property=\"og:image:height\" content=\"540\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/webp\" \/>\n<meta name=\"author\" content=\"Adam L\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@CryptoMeterIO\" \/>\n<meta name=\"twitter:site\" content=\"@CryptoMeterIO\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Adam L\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/www.cryptometer.io\/news\/solanas-robust-metrics-point-to-possible-160-sol-recovery\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.cryptometer.io\/news\/solanas-robust-metrics-point-to-possible-160-sol-recovery\/\"},\"author\":{\"name\":\"Adam L\",\"@id\":\"https:\/\/www.cryptometer.io\/news\/#\/schema\/person\/d05d4ef65ae9752036cc2b5e044592f9\"},\"headline\":\"Solana&#8217;s Robust Metrics Point to Possible $160 SOL Recovery\",\"datePublished\":\"2024-07-13T07:15:45+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.cryptometer.io\/news\/solanas-robust-metrics-point-to-possible-160-sol-recovery\/\"},\"wordCount\":440,\"publisher\":{\"@id\":\"https:\/\/www.cryptometer.io\/news\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.cryptometer.io\/news\/solanas-robust-metrics-point-to-possible-160-sol-recovery\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.cryptometer.io\/news\/wp-content\/uploads\/2024\/03\/IMG_1491.webp\",\"articleSection\":[\"Altcoins\",\"Market Updates\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2024\",\"copyrightHolder\":{\"@id\":\"https:\/\/www.cryptometer.io\/news\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.cryptometer.io\/news\/solanas-robust-metrics-point-to-possible-160-sol-recovery\/\",\"url\":\"https:\/\/www.cryptometer.io\/news\/solanas-robust-metrics-point-to-possible-160-sol-recovery\/\",\"name\":\"Solana's Robust Metrics Point to Possible $160 SOL Recovery\",\"isPartOf\":{\"@id\":\"https:\/\/www.cryptometer.io\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.cryptometer.io\/news\/solanas-robust-metrics-point-to-possible-160-sol-recovery\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.cryptometer.io\/news\/solanas-robust-metrics-point-to-possible-160-sol-recovery\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.cryptometer.io\/news\/wp-content\/uploads\/2024\/03\/IMG_1491.webp\",\"datePublished\":\"2024-07-13T07:15:45+00:00\",\"description\":\"Solana's native token, SOL, has faced challenges reclaiming the $145 mark since July 3. 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