Solana, one of the most talked about crypto money projects of the 2021 bull season, is looking for the old days with candles. The price of Solana-linked altcoin SOL remains low, with new on-chain data revealing the bad news. Crypto researcher Messari investigated Solana’s performance in the DeFi space over the past year and a half.
SOL Falls Behind DeFi Race!
According to the chart shared by Messari, Solana fell behind many of its competitors in decentralized finance.
Although we accept that the cryptocurrency markets are far from what they were in January 2022, when we compare them with other projects, the difference becomes apparent. According to the start date of the chart, Solana was ranked fourth in the DeFi TVL race. However, SOL has regressed to the last place among the 7 largest DeFi ecosystems in the past period.
In January of 2022, the total value locked in the Solana network was over $10 billion. Today, however, this figure has dwindled to the level of $1 billion. If we make a rough calculation, as a result of this situation, SOL lost 90% of its DeFi capital.
Another on-chain tracker, DappRadar, revealed that wallet and transaction volume activity on the Solana network has dropped by about 30% in the past month.
Increasing Interest in Solana NFTs
Collecting data on the SOL ecosystem, SolanaFloor determined that the project stood firm in the NFT field despite all this negative situation.
The Blue Chip NFT index prepared by SolanaFloor reveals that SOL performs better. As of June 11, the Solana index has moved up about 31% to 2,300 points. On the other hand, the increase in the dollar-based index was limited to 17%.
LEFT Price
The Solana project’s native cryptocurrency, SOL, is far from the $200 it once traded. Solana, which sold below $13 on Friday, June 10, recovered, taking advantage of the support level.
Bulls, which battled the bears at the $14.94 resistance, could push the price up to $18.31 if they prevail.
SOL is currently trading at $14.90.
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