INSUBCONTINENT EXCLUSIVE:
15% since failing to reclaim the $168 level on June 12
This bearish movement followed a period of reduced network activity and weakening demand for memecoins.Recently, however, Solana regained
the second position in decentralized exchange (DEX) volumes, raising questions among traders about the potential for SOL to reclaim the $180
level in the near term.DEX volumes market share
While BNB Chain maintained the top spot with $159.6 billion during the same period, Solana gained market share throughout June.Key
contributors to this growth include Raydium, with $19.1 billion in volume, followed by Pump.fun with $14.2 billion and Orca at $13.9 billion
Source: TradingView / CointelegraphThe appeal of the memecoin sector continues to fade, with most tokens losing 25% or more in the past 16
Giga dropped 42%, Popcat 35%, Fartcoin and PNUT both 31%, while Bonk and WIF each declined 25%
has emerged as the dominant blockchain for perpetual trading
This shift has reduced interest in both Ethereum layer-2s and standalone decentralized applications (DApps) on Solana and BNB
Chain.Perpetual contracts 30-day activity, USD
More significantly, its success has fueled speculation that other projects may launch their own independent blockchains, potentially
That loss of confidence is visible in derivatives markets, where demand for leveraged long positions in SOL has diminished.SOL annualized
Source: Laevitas.chIn a neutral market, perpetual futures typically show an annualized funding rate of 5% to 12% for long positions
When this rate turns negative, it signals bearish sentiment as shorts are paying to maintain their trades
Over the past 30 days, derivatives data shows no sustained optimism for SOL.The biggest potential catalyst for SOL remains the possible
approval of a Solana spot exchange-traded fund (ETF) by the US Securities and Exchange Commission, with a decision expected in October
prioritization.Despite its association with memecoins and token launches, Solana's ecosystem has broader use cases
And while Hyperliquid may be an outlier, other upstart blockchains, such as Berachain, have failed to maintain meaningful deposit levels
article is for general information purposes and is not intended to be and should not be taken as legal or investment advice
