Solana’s native token, SOL, slid 10% between October 1 and October 9, leaving traders sweating over the $140 support. While the broader altcoin market showed a 4% gain over the same stretch, SOL’s slump didn’t fit the picture. So, with market watchers curious, what’s up with the numbers and network activity? The data ain’t all roses for Solana.
Onchain Numbers, But Network Use Drops
Solana’s network volume tells a big part of this story. In late July, the daily average was clocking $1.8 billion, but since then, that number’s dropped hard, now down to $1.2 billion. That’s a 33% fall. Ethereum, meanwhile, only slipped 7% from $1.5 billion to $1.4 billion in the same period. BNB Chain? It went the other way, seeing a 48% uptick in volume, climbing from $485 million to $720 million.
This falling volume shows fewer folks are using Solana for network activity like fees. Less action means less demand for SOL, a classic case of supply meeting weakened demand.
TVL Rises, But Small Gains
Now, there’s another angle to check out: total value locked (TVL). Solana’s TVL climbed to 37.7 million SOL by October 8, a slight bump up from 35.8 million one month earlier. That’s about a 5% increase, showing that deposits in the network are inching upward. By comparison, Ethereum dropped 2%, and BNB Chain lost 6% in TVL over the same period.
Some DApps are still pulling their weight though. Raydium’s deposits jumped 35%, while Jupiter saw a 17% bump. That’s where the demand is creeping up, even as volume slips.
Futures Markets Paint a Mixed Picture
Over in the derivatives space, funding rates turned briefly negative on October 8, then returned to neutral by October 9. The 0.01% fee every eight hours points to mild interest, but no runaway bullishness. Traders aren’t getting excited yet, but they’re also not fully backing off.
So, with volume down but TVL climbing, Solana’s market players remain in a tight spot, trying to guess when, or if, SOL will catch a new tailwind.
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