Points
- SOL faces bearish momentum despite market recovery.
- On-chain metrics indicate potential for a bull run above $160.
- Solana network activity and user volumes show positive trends.
Solana （SOL） is struggling to reclaim the $145 mark amid bearish momentum, even as the broader cryptocurrency market shows signs of recovery. However, on-chain metrics and SOL’s derivatives indicate a potential reversal, paving the way for a bull run above $160.
Solana vs. BNB Chain
Solana’s total value locked （TVL） is head-to-head with the vice-leader BNB Chain. Despite the challenging market conditions, Solana’s network fundamentals remain strong, suggesting potential for future growth.
Network Activity
Solana’s decentralized application （DApp） activity has shown significant improvement over the past seven days, while many competitors faced declines. Data from DappRadar indicates that Ethereum, BNB Chain, and Polygon experienced a decrease in the number of active users, whereas Solana gained 19% over the same period. Solana DApp volumes totaled $703 million, a 12% increase, contrasting with a 37% decline in Ethereum’s volumes.
Futures Markets
Analyzing SOL’s futures markets, perpetual contracts （inverse swaps） incorporate an embedded rate recalculated every eight hours. A negative rate indicates higher leverage used by shorts （sellers）. Notably, the eight-hour funding rate for SOL turned negative between July 5 and July 6 but is now near zero, indicating balanced demand between longs （buyers） and shorts.
While it is impossible to predict what might cause SOL investors to regain confidence and push its price back to $160, on-chain and derivatives metrics show no signs of stress. The fundamentals of the Solana network remain solid, supporting potential future price recovery.
解説
- Market Analysis: SOL faces bearish momentum, but on-chain metrics suggest potential for recovery.
- Network Fundamentals: Solana’s strong network activity and user volumes indicate positive trends.
- Investment Insights: Investors should monitor SOL’s on-chain metrics and futures markets for signs of a potential bull run.