The Solana blockchain has experienced a significant slowdown in DEX trading activity, with on-chain volume dropping to $2.61 billion, marking a five-week low. Investors remain cautious as market uncertainty weighs on sentiment. The declining SOL coin price and memecoin volatility have added further pressure to the ecosystem.
Solana network activity has fallen 28%, with total trading volume decreasing to $20.2 billion. Over the past two weeks, SOL has lost 14% of its value, reflecting broader market uncertainty. While Raydium and Orca have seen significant trading volume declines, Meteora has recorded increased activity, indicating a shift in investor preferences.
Memecoin Volatility and Token Unlock Concerns
Fluctuations in the memecoin market have intensified concerns for Solana’s ecosystem. The sharp decline in LIBRA memecoin has negatively impacted investor sentiment. Crypto analyst Axel Adler Junior warns that memecoin instability continues to exert downward pressure on Solana.
Adding to market uncertainty, 11.2 million SOL tokens are set to be unlocked, raising speculation about potential selling pressure. These tokens were previously removed from circulation due to the FTX collapse. While institutions may absorb a large portion, investors remain cautious about the impact on market stability.
Market participants are closely monitoring SOL price movements and the upcoming token release. Risk management has become increasingly important in navigating this uncertain period. Dey There will continue tracking these developments to provide timely updates.
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