Solana's total value locked (TVL) has dropped to its lowest point this month, indicating a decrease in activity on the network. Over $1 billion has been withdrawn from Solana's DeFi ecosystem since the beginning of the month. The decline in TVL is attributed to a decrease in daily active addresses, reflecting a shrinking user base and reduced on-chain activity. Solana's TVL currently stands at $8.01 billion, a 12% decline since December 1. The leading DeFi protocol on Solana, Jito, has experienced a significant drop in TVL, with a 28% decrease in the past month. The lower usage of Solana has also resulted in a decline in network revenue. Additionally, the price of SOL has dropped by 28% in the past 30 days. The negative Chaikin Money Flow (CMF) for SOL suggests low demand and the possibility of sustained price decline. However, if market sentiment shifts and buying activity increases, SOL's price could break above resistance levels and potentially surpass $200.



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