Solana’s lead over competitors and strong inflows support further bullish momentum even if the network saw a 10% drop in DApp activity.
Solana’s native token SOL (SOL) saw a 22.5% decline between Jan. 6 and Jan. 13, testing the $169 level for the first time in ten weeks. A subsequent 15% recovery by Jan. 15 couldn’t push SOL above $200, causing traders to fear that the drop in decentralized application (DApp) activity on Solana network may hinder a near-term return to $230.
Solana 7-day on-chain trading activity, USD billion. Source: DefiLlama
Despite leading in on-chain volume, Solana’s network activity fell 10.3% between Jan. 8 and Jan. 15, according to DefiLlama data. Negative performers include Raydium, down 23.3%, and Orca, down 2%. On the positive side, Lifinity saw a 27.7% increase in activity, and stabble gained 29.7%.
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