April 18, 2024

Solana’s case has become increasingly fascinating within the last few days. DeFiLlama data shows the TVL (total value locked) in Solana’s decentralized finance (DeFi) has declined by approximately $600M since July 31.

SOL’s DeFi total value locked opened the month near $2.15 billion before slumping to press time levels at $1.56 billion. That highlights Solana’s spot among the total value locked (TVL) in chains.

At the beginning of the month, SOL ranked 5th. However, downside tendencies saw Acala and Polygon outshining its. Solana lost more than 16.53% in TVL in DeFi networks within the previous day alone.

What Now?

Solana has witnessed upturns in some coins traded on the blockchain regardless of the latest blemishes. CoinGecko data revealed the most traded tokens on the Solana blockchain within the last 24 hours. STEPN (GMT) led the pack with more than $356.8M, whereas SRM followed with $72.5M.

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Also, Everlend protocol updated about Solana lending in August’s second week. The SOL lending total value locked during this time stood at $769.5 million. Solend leads the lending protocols list with $329.49M as it dominates the activities. Mango & Tulip retained the 2nd and the 3rd spots at $231.77M and $81.5M, respectively.

Considering performance, Tulip was the only protocol to display positive changes within the week, recording a 3.76% uptick. That further confirms Solana DeFi’s onslaught as it extends its diving tendencies in August.

SOL’s Response?

SOL has felt market duress lately as the ‘sell’ class became common. That had the alternative token losing about 2% within the last 24 hours, changing hands near $43 during this writing. Moreover, the 2.20% network volume deep exacerbated the declining prices.

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Meanwhile, Solana also struggles in social activity. The latest massive increases in Ethereum and Shiba Inu have triggered fading social volumes for Solana. Despite occasional upticks, the social volume index underperformed, hovering at 36 during this publication.

Moreover, Solana might see the worst in the coming month when ETH’s Proof-of-Stake migration happens. Market players await the Merge, and the upgrade has proven bullish lately, taking ETH higher on the charts. Though not definitive, the transition might impact other chains, including Solana.

Editorial credit: rafapress / shutterstock.com

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