Solana Records High On-Chain Activity Amid Whale Sell-Offs and Competitive Pressures
Main Idea
Solana (SOL) has achieved record on-chain activity with high transaction volumes and Total Value Locked (TVL), but faces price declines due to whale sell-offs and competition from platforms like Hyperliquid DEX.
Key Points
1. Solana hit a new all-time high in monthly non-voted transactions, averaging 1,318 true transactions per second (TPS) in July.
2. Total Value Locked (TVL) on Solana has grown, indicating increased user and DeFi protocol engagement.
3. Major holders (whales) are selling SOL, including Galaxy Digital unstaking 250,000 SOL ($40.7M) and transferring it to Binance.
4. Solana's price is down 30% year-to-date (YTD), underperforming compared to Bitcoin (BTC), Ethereum (ETH), and XRP.
5. Competition from Hyperliquid DEX and delays in Solana's tech roadmap, such as Firedancer, have contributed to its price struggles.
Description
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