Is Solana’s [SOL] FUD justified? According to these analytics…

Even though there have been improvements to its technology, many remain skeptical about Solana’s DeFi growth, citing its declining TVL as an indicator of the network’s declining health. However, it was important to note that a lot of the activity on the Solana network has been because of derivatives, NFTs, and de-pin networks, which do not contribute to Solana’s TVL.

Messari analysts further speculated that if Solana turns on network incentives, its TVL could be on par with other L2 chains. At press time, the TVL of Solana was $277.37 million, after falling by 2.43% in the last 24 hours.Usage has been driven by non-TVL dominant use cases like derivatives, NFTs, & DePIN networks.

If Solana decides to turn on incentives, we could quickly see volume approach parity with the top L2s.

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Solana [SOL] slumps to $21 but can the bulls mount a comebackDisclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion. The higher timeframe market structure was bullish. The volatility of the previous day meant some gains were likely today to fill some imbalances. Solana saw high volatility on the price charts around 14 March […]
Source: CryptoAmb - 🏆 22. / 68 Read more »