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Crypto Solana: 9% drop, but DeFi is leading the way
Tue 23 Jan 2024 ▪
3
min read ▪ by
Getting informed
▪
The SOL cryptocurrency of Solana is currently undergoing a phase of decline. This has raised concerns. However, a thorough analysis reveals long-term opportunities in the context of the rapid growth of the DeFi sector.
The SOL cryptocurrency of Solana faces a “temporary” decline
The recent 9% drop in Solana’s SOL cryptocurrency on January 18 has raised concerns among investors. They are primarily questioning the price dynamics of this cryptocurrency.
This decrease is part of a 15-day trend in which SOL failed to break through the key $100 level. Despite these temporary fluctuations, analysis shows that Solana’s SOL cryptocurrency had an impressive gain of 84% in December 2023.
SOL Crypto on the Decline: Key Takeaways
The SOL crypto rally in December 2023 sparked strong demand for the Solana Saga smartphone. However, the recent correction of some of these tokens highlights the volatility of the crypto market. This particularly refers to a 15% drop for BONK and a 19% drop for JTO between January 17 and 18.
Another factor contributing to the price correction of Solana’s cryptocurrency: the excessive optimism surrounding the expectations of airdrops. Some launches have been delayed, while others have only provided temporary enhancements to dApps.
Despite the Recent Dip, Solana Stays the Course
Persistent optimism about the performance of SOL crypto tokens is based on the continued growth of deposits in the DeFi sector on the Solana network.
Indeed, the total value locked (TVL) of SOL crypto tokens reached a peak of 15.4 million on December 19, 2023. Additionally, there was a 60% increase from the previous month. However, the TVL has since stabilized around 14 million.
In addition, its liquid staking solutions and DeFi applications have all exceeded $150 million in deposits. This highlights sustained interest despite recent challenges.
Despite recent setbacks, Solana remains resilient in the face of market volatility. DeFi growth and network activity suggest a promising future for the SOL cryptocurrency.
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My name is Ariela, and I am 31 years old. I have been working in the field of web writing for 7 years now. I only discovered trading and cryptocurrency a few years ago, but it is a universe that greatly interests me. The topics covered on the platform allow me to learn more. A singer in my spare time, I also cultivate a great passion for music and reading (and animals!)
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.