Why Can't Solana Crack $150?

It's time to dig into why this is happening and what it will take for Solana to break free finally.

Solana's (SOL) token has been trading below $150 since August 11, despite moments of buying frenzy at $125. This stagnation is particularly surprising considering the recent uptick in network deposits and activity.

Part of the reason for this lackluster price performance may be attributed to the waning hype around Solana, which was previously fueled by airdrops, meme coins, and pumps.

However, the recent decline in meme coin activity on Solana is evident. According to DappRadar, pump.fun volume decreased by 44% to $133.5 million. Despite this drop, pump.fun still managed to generate $6.3 million in fees last week, outpacing AAVE's $4.4 million.

Moving beyond meme coins, Solana's network activity does have some bright spots. Jito's liquid staking and Raydium's DEX are among the top performers in terms of revenue, generating record-high fees. Other platforms like Kamino, Marinade, and Jupiter are also showing strong activity.

On the other hand, the broader network activity on Solana is facing a decline. Activities across DeFi, NFTs, Web3, gaming, gambling, and collectibles are all down significantly.

In contrast to Solana's struggles, BNB Chain's top DApps are collectively showing an increase of 7% in activity, highlighting the disparities in network engagement between the two chains.

While the US hype around SOL ETFs is cooling off due to the SEC's concerns about SOL's status as a security, Solana is making strides in Brazil.

Hashdex and BTG Pactual have received approval to launch a second Solana ETF, marking a significant development for Solana's presence in the Brazilian market.

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