Solana is making a comeback? Looking at the revival trend from the five major indicators

Author: Scof, ChainCatcher

Edited by: TB, ChainCatcher

Solana seems to be facing a chance to recover.

This week, multiple targets in the Solana ecosystem began to react, and market sentiment was gradually recovering. According to the observation of crypto KOL @_Forab, crypto market maker Jump has returned to the market, and there are rumors that the official is operating SOL on OTC. In addition, participants in the ecosystem seem to be actively responding to the rise of BNB Chain and seeking new breakthroughs.

This article will analyze and interpret the current funding trends through five key technical indicators to help readers better understand the potential trends of the Solana ecosystem.

1. Price performance

According to CoinMarketCap data, SOL prices have rebounded from the lowest $117 to about $140 in the past month, an increase of nearly 20%. During the same period, BNB rose from US$511 to US$637, an increase of approximately 24.6%.

Judging from the trend, BNB's rise is mainly concentrated on March 11 to 18. At this stage, BNB Chain's on-chain transactions are active. It is speculated that the increase may be the surge in demand for users to buy meme coins in advance and transfer to the chain, driving the rise of BNB prices.

SOL's rise is more concentrated, mainly from March 24 to 25, indicating that funds quickly poured into the Solana ecosystem in a short period of time.

Comparison of price between BNB and SOL, blue is BNB and red is SOL

2. Number of active addresses

According to Artemis Terminal, the number of daily active users on Solana's chain increased from 3.8 million the previous day to 5.3 million, indicating a significant increase in user participation. By comparison, BNB Chain has only 1.4 million daily active users.

Number of daily active users on Solana

3. Capital inflow performance

According to Artemis data, 78.5% of the funds flowed out of the Ethereum main network have flowed to Solana in the past seven days, while only 21.4% have flowed into BNB Chain. This capital flow shows that at the current stage, market funds are more inclined to enter the Solana ecosystem.

Further analyze the net ecological inflow situation in the past seven days. Since March 22, BNB Chain has continued to show a net inflow, but capital outflows began to occur on March 23. In contrast, the Solana ecosystem has shown net inflows from March 19 to March 23, with only a slight net outflow on March 18.

In addition, combined with the capital transfer data between the two chains, BNB Chain has inflowed $521,000 into the Solana chain in the past seven days, while Solana chain has inflowed $461,000 into the BNB Chain. Overall, funds are showing a trend from BNB Chain to Solana chain.

4. DEX trading volume

According to Dune data, Solana's on-chain DEX trading volume jumped sharply on March 24, soaring from $12.5 billion the previous day to $140.4 billion, a significant increase. In contrast, the on-chain DEX trading volume of BNB Chain fell sharply from US$14.1 billion to US$1.4 billion during the same period, showing a completely different trend.

This comparison further confirms that the market capital and trading activity are clearly tilting towards Solana in the short term. The surge in transaction volume not only reflects a significant increase in user participation, but may also be related to structural factors in which hot assets are concentrated on the Solana chain, showing that the ecosystem has a stronger ability to take on liquidity at the current stage.

5. Transaction fees

According to DeFiLlama data, BNB Chain incurred $10.87 million in transaction fees last week, but as of this week, the transaction fees dropped to only $1.18 million, a significant decline. In contrast, Solana's transaction fee last week was $5.74 million, and has generated $1.29 million so far this week. Although it has increased, the growth rate is relatively moderate, indicating that user activity has rebounded, but the overall situation is still on the stand-by and see state and has not taken a large-scale action.

Summarize

Based on the analysis of the above five technical indicators, signs of revival of the Solana ecosystem have gradually emerged, especially in terms of capital inflows, transaction volume and activity. Although Solana's transaction fees and price increase has not seen explosive growth compared to BNB Chain, the short-term rebound and capital flows indicate that the market is refocusing on Solana and that trading activity within its ecosystem is gradually heating up.

Especially from the perspective of capital inflow performance, Solana's share of cross-chain capital flows has gradually increased, which shows that the market's confidence in the Solana ecosystem is increasing. The surge in DEX transaction volume and the increase in the number of active addresses also prove to a certain extent that the rebound in user participation is.

However, despite the current growth trend, Solana's recovery is still in a wait-and-see phase and has not fully formed a sustained growth momentum. Further inflows of users and funds will be an important factor in determining whether Solana can completely get out of the trough and compete with BNB Chain and others.

Solana's path to revival still needs more time to verify whether it can break through the current bottleneck and continue to attract wider market attention and financial support.