Ethereum

Solana

Raydium

Polygon

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/investors-analyze-solanas-on-chain-data-and-derivatives/" data-wpel-link="internal">Investors Analyze Solana’s On-Chain Data and Derivatives</a><br></p>
<p class="p1" style="text-align: justify">Investors now fear that even if the broader cryptocurrency <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">market</a> recovers some of its losses, the <strong>SOL</strong> price will continue its downward trend. However, Solana’s on-chain data and SOL derivatives suggest that a reversal leading to a bull run above $160, last seen five weeks ago, might be on the horizon.</p> 
<h2 class="p1" style="text-align: justify" id="important-data-for-solana">Important Data for Solana</h2> 
<p class="p1" style="text-align: justify">In terms of decentralized <a href="https://newslinker.co/category/mobile/" target="_blank" rel="noopener" data-wpel-link="exclude">applications</a> <strong>(DApps)</strong> activity, Solana has recently fallen short of being a top competitor, but data over the past seven days shows significant improvement while many of its rivals face declines.</p> 
<p class="p1" style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-370396 size-full" src="https://coin-turk.com/wp-content/uploads/2024/07/dappradar.webp" alt="" width="1018" height="442"></p> 
<p class="p1" style="text-align: justify">The data indicates that while Ethereum, BNB Chain, and Polygon saw a decrease in active users, Solana’s active users increased by 19% over the past seven days. Similarly, Solana DApps volumes reached $703 million during the same period, a 12% increase from the previous seven days. Meanwhile, market leader Ethereum faced a 37% decline in volumes.</p> 
<p class="p1" style="text-align: justify">Solana’s <a href="https://en.coin-turk.com/how-to-use-dex-exchange/" data-wpel-link="internal">decentralized exchange</a> Raydium saw a 39% increase in seven days, accumulating an impressive 1.71 million active addresses. In comparison, BNB Chain’s leading DApp Move Stake had 198,570 active addresses during the same period.</p> 
<h2 class="p1" style="text-align: justify" id="key-details-about-solana">Key Details About Solana</h2> 
<p class="p1" style="text-align: justify">Finally, it’s essential to analyze the futures markets for <strong>SOL</strong>. Perpetual contracts, also known as inverse swaps, include an embedded rate recalculated every eight hours. Essentially, a negative rate indicates that short positions (sellers) are using higher leverage.</p> 
<p class="p1" style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-370390 size-full" src="https://coin-turk.com/wp-content/uploads/2024/07/sol.webp" alt="" width="1224" height="501"></p> 
<p class="p1" style="text-align: justify">Specifically for SOL, the eight-hour funding rate turned negative between July 5 and July 6, but the indicator is currently near zero, showing balanced demand between long positions (buyers) and short positions. While it’s impossible to determine what could restore investor confidence in SOL and push its price back to $160, data from on-chain and futures markets show no signs of stress.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/investors-analyze-solanas-on-chain-data-and-derivatives/" data-wpel-link="internal">Investors Analyze Solana’s On-Chain Data and Derivatives</a></h5>

Investors Analyze Solana’s On-Chain Data and Derivatives

Table of Contents

COINTURK NEWS

Other articles published on Jul 13, 2024

Ethereum ETFs Might Attract $1 Billion Monthly Inflows, Kraken’s Strategist Says

Bitcoin Unrealized Losses: BTC Speculators Hold 2.8M BTC in Historically Underperforming Price Cycle

Crypto Weekly: TapSwap, FinTAX, Hamster Kombat, and Bitcoin

21.87 Billion Cardano (ADA) in 24 Hours to Make All Difference

Ether ETFs on the move, Messi promotes memecoin, and more: Hodler’s Digest, July 7-13

ETH Exchange Outflows Spike: Ethereum Heading For $3500?

Join our free newsletter for daily crypto updates!