Solana price flashes a multi-year bearish pattern despite soaring network metrics
#WhoIsNextFedChair Solana price continued its strong downward trend and hit its lowest level since January 2024 as the crypto market crash intensified despite its strong fundamentals.
Solana sol-5.53%Solana dropped to $104, down sharply from its all-time high of nearly $300. This crash has erased billions of dollars in value.
The drop is notable as it is happening at a time when Solana’s fundamentals are improving. For example, data compiled by Nansen shows that its network is the most popular among investors.
Solana handled over 2.34 billion transactions in the last 30 days, a 33% increase. Its transaction count was much higher than other networks like Ethereum, Base, and BNB Chain, combined
Solana’s active addresses jumped by 67% in January to over 98 million. This growth means that it will cross the 100 million milestone, which is higher than other chains combined. Its stablecoin inflow has also jumped.
Solana is also generating substantial sums of money in fees. It made over $26 million in the last 30 days, much higher than the $14 million that Ethereum made. BNB Chain made $19 million in the same period.
Most importantly, Solana ETFs are seeing more demand from American investors this year. Spot SOL ETFs added $104 million in inflows in January as Bitcoin, Ethereum, and Solana shed assets.