Solana’s native token, SOL, recently faced a 17.2% drop between January 24 and January 27, hitting its lowest point in 10 days. Although it rebounded to around $235, the price remains 26% below the all-time high of $295 set on January 19. This pullback corresponds with a 40% slide in Solana’s on-chain trading activity. Despite the near-term dip, many analysts still anticipate SOL could see notable gains by 2025.
On-Chain Trading Overview
7-day On-Chain Trading Volumes (USD). Source: DefiLlama
During the same week, BNB Chain volumes only dropped 1%, while Ethereum’s base layer activity declined by about 10%. Other networks and Ethereum layer-2 solutions experienced trading volume reductions in the 25%–30% range.
Within Solana’s ecosystem, some platforms took a hit:
- Meteora: -45%
- Orca: -62%
- Lifinity: -53%
On a positive note, Pump.fun, a memecoin-focused launchpad, recorded a 24% increase in volume. Meanwhile, Raydium retained its top position in Solana’s on-chain activity, reporting $35.1 billion over the past week.
Solana’s Total Value Locked (TVL) Outperforms Major Competitors
Because decentralized exchange (DEX) trading isn’t the only metric that matters—especially with staking, lending, and real-world asset (RWA) integrations—TVL (Total Value Locked) often provides a more accurate gauge of overall network usage.
Total Value Locked (TVL) Rank (USD). Source: DefiLlama
Over the 30 days ending January 28, Solana’s TVL climbed by 27%, outshining both Ethereum (down 9%) and BNB Chain (down 1%). This surge strengthened Solana’s hold on the second spot among top networks, widening its lead over Tron. Key contributors include:
- Jito and Raydium: +29%
- Binance Staked SOL: +52%
In contrast, Ethereum’s dipping TVL is partly linked to decreased deposits on Lido, EigenLayer, and Ether.fi. However, EigenLayer alone—launched in June 2023—holds $13.6 billion in TVL, surpassing all of Solana’s deposits combined.
Futures Premium Indicates Lukewarm Sentiment
Examining SOL monthly futures contracts offers insight into trader confidence. Futures typically trade at a slight premium (5%–10% annualized) over the spot market. A premium above 10% suggests strong optimism, while anything below 5% indicates a weaker appetite.
SOL 2-Month Futures Annualized Premium. Source: Laevitas.ch
On January 27, SOL futures briefly shot up to a 12% premium but soon dropped back near 6%. This relatively modest premium—despite SOL’s 21% price increase over the last month—signals muted enthusiasm from traders. Some point to the rise of memecoins and the Official Trump (TRUMP) token launch as short-term drivers of SOL’s price gains.
Looking Ahead
Although uncertainties in global markets may hinder a quick return to the all-time high, several catalysts could fuel SOL’s next rally. For instance, stablecoin migration from Tron to Solana and growing Web3 adoption in sectors like artificial intelligence may both play pivotal roles in bolstering network demand and driving the token’s value upward.
Always do your own research before making any investment decisions.
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