The Solana blockchain, formerly carried by the enthusiasm of the same, crosses a delicate period. Revenue at half mast, fall in falling soil … Should we worry? Not so fast. Some on-chain data show surprising resilience.
Back to reality for the Solana blockchain
While the Solana blockchain benefited from very significant visibility during 2024, things seem to be complicated for several weeks. After having largely benefited from the enthusiasm around the same, these humorous cryptocurrencies, Solana seems today to pay the broken pots of this ephemeral trend.
Indeed, the Solana blockchain had the ideal profile for the proliferation of these cryptocurrencies devoid of fundamentals: a community welded around degens trends, low transaction costs and significant scalability.
Only, as in any trend, there is a start and an end. After the disillusions that the same in doubtful ethics have been like the Trump, Melania and Libra, investors Crypto sulk this category of cryptos.
The income from the Solana blockchain has drastically dropped. The latter are currently evolving in an area that could be compared to a no man's land:
Graphic representing the weekly income of the Solana blockchain
For more than 3 consecutive weeks, the revenues of the Solana blockchain have been very low: less than $ 500,000 in income per week. From March 3 to 10, Solana's revenues have dropped again: $ 58,000 in 1 week.
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According to terminal artemic data, Solana had never experienced such low incomes in 1 week since its launch.
The price of the soil, the native cryptocurrency of the Solana blockchain is not spared from this dynamic. In just 30 days, the soil price has corrected almost 38 %.
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A very present fear around Solana and his crypto
While Solana has long been considered a “must have” in any portfolio of wise investor in cryptocurrencies, The fear around the future of this cryptocurrency is clearly felt on social networks.
Nevertheless, The overall picture is not so dark And the feeling of fear could be exacerbated by the fall of the entire crypto market.
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Although the revenues of the blockchain and the volumes on Solana are in free fall, certain data on-chain demonstrate a certain resilience.
The total locked value (TVL) of Solana is maintained, to the writing of these lines, above its average of 2024:
Graph representing the evolution of TVL on the Solana blockchain
The supply in stablecoins on the Solana blockchain has increased strongly, by reaching $ 11.5 billion ::
Graph representing the evolution of the supply in stablecoins on Solana, in monthly data
In addition, capital entries in the last 30 days on the Solana blockchain are always more important than outings, with a net profit from nearly $ 132 million ::
Graphic representing the Netflow by blockchain in the last 30 days
In short, the Solana blockchain is currently going through a complicated period, with income at half mast and a TVL which has fell significantly from its recent record (ATH). Nevertheless, this period could only be temporary in view of Solana's ability to continue to attract capital, even in a period of doubt. In addition, the important supply in Stablecoins on Solana could be quickly deployed to more volatile assets in the event of an upward recovery of the Crypto market.
It will be interesting to continue to observe these different metrics, in particular in the event that a new catalyst could arouse enthusiasm around Solana.
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Source: Terminal artemis
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Investments in cryptocurrencies are risky. There is no guaranteed high yield, a product with high performance potential implies a high risk. This risk taking must be in line with your project, your investment horizon and your ability to lose part of this savings. Do not invest if you are not ready to lose all or part of your capital
Passionate about the blockchain ecosystem, I like to deepen my knowledge and share my discoveries. In perpetual quest to learn more about cryptos, I recently joined the Cryptoast Research team where I provided a weekly fundamental analysis.
Théo Zananiri
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