Well now, in the grand old saga of Solana, there ain’t never a dull moment! This weekend, that rambunctious coin did a little jig, dropping sharply just as the network toasted a record $258 billion milestone in January. 🎉
Ol’ SOL stumbled to $210 on Sunday, taking a 30% nosedive from its year-high, shrinking its market cap to a modest $103 billion. And here it lingers, like a hungover party guest, hovering around $212. Check out the carnage below:
It’s not just Solana, folks…
Looks like the whole crypto circus tripped over its own feet! Bitcoin (BTC) dipped below $100,000 for a spell, and the entire market cap took a 4% dive to $3.4 trillion. Ain’t that a humdinger?
Even with Solana’s recent triumphs, boasting a volume of $258 billion in January, it couldn’t escape the crypto curse. We’re talking a total volume of $969 billion handled by the network and the scent of $1 trillion is wafting in February’s direction.
The heavy hitters in this Solana rodeo were Orca, Meteora, Lifinity, and Raydium (RAY) with a whopping $120 billion in the 30-day volume sweepstakes!
Memes to the Moon 🌕
The fun don’t stop there! Meme coins were firing on all cylinders, particularly “Official Trump” (TRUMP), launched by the one and only Donald Trump. That rocket shot up to a $15 billion market cap, but gravity did its thing – now it’s down 70% from its peak.
Melania and Vine also put on a show, with the network adding 78,000 new Solana tokens daily. Behold the frenzy:
Speed Bumps for Solana
Don’t drink all the gin yet, because Solana’s momentum is waning. Active wallets have shrunken to 3.6 million from a high of 6.5 million in January. The market cap for meme coins slipped from $25 billion to a humble $14 billion.
On the rollercoaster of SOL prices, it’s tumbled from a peak of $295.4 to $213, its lowest since January 17th. The ol’ coin’s tangoed below the 50-day moving average and is dangerously close to the $210 swing level of March last year.
The next cliff edge? $170, the sinister neckline of the double-top pattern. 😱
Glimmer of Hope: The Solana ETF?
And here’s a twist to our tale: Cboe BZX is making another pitch for several asset managers (Bitwise, VanEck, 21Shares, and Canary Capital) aiming for Solana ETF approval. And why, they’re hoping for a more crypto-friendly White House this time!
The new SEC acting chair, Mark Uyeda, is reportedly a bit sweet on crypto, lifting the chances for an ETF green light. Betting folks put Solana’s ETF odds at 57% by July 31 – though those financial wizards at Bloomberg think Litecoin might sneak in first.
Bitcoin and Ethereum ETFs are already swimming in billions, hinting at a hearty appetite for crypto investments. Will the regulators open the gates for more, or leave us hanging? That’s the billion-dollar question. 🌪️
One believer in Solana is Knox Ridley from I/O Fund, who thinks its dazzling “proof of history” protocol will crown it top dog. This blockchain marvel clocks in at a swashbuckling 65,000 transactions per second, outpacing Ethereum’s slower “proof of stake” at 62.34 TPS. Ain’t that something?
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2025-02-02 14:37