As geopolitical risks heat up and risk aversion spreads in the global market, the cryptocurrency market is once again facing dramatic fluctuations. Solana (SOL), as one of the mainstream blockchain assets that has performed well recently, was not immune to this round of shocks, with a single-day decline of nearly 10%.
The fuse of the incident came from the escalation of the situation in the Middle East. Israel once again launched an airstrike on Iran, triggering a global rush to buy hard assets such as gold and crude oil. Gold and oil prices soared simultaneously, risk assets generally fell, and the cryptocurrency market became the hardest hit area. On June 11, SOL rebounded to $167, but soon fell below the $145 mark and currently remains at $144.
This wave of selling triggered large-scale liquidations. According to on-chain data, Bitcoin fell below $103,000 in early trading on Friday alone, triggering the liquidation of more than $400 million in long positions. Solana subsequently fell by about 9.6%, with related liquidations reaching $52 million, ranking second only to BTC and ETH.
Solid fundamentals, no shaky infrastructure
Despite the dramatic price fluctuations, the fundamentals of the Solana ecosystem remain strong, with daily transactions remaining stable at more than 80 million, and on-chain throughput and application revenue remaining stable in the $40-70 million range. The scale of the liquid staked token jitoSOL is approaching $7 billion, and validator income has not been significantly affected, which means that grassroots users and infrastructure are still operating. In addition, the staking ratio remains at 65.4%, and the net activation of staking exceeds the net deactivation, further proving that users' long-term confidence in Solana has not weakened.
DEX rotation is obvious, and the new generation of meta-aggregators stabilize market fluctuations
Although the overall DEX trading volume has dropped from the high of US$6 billion in May to the current US$2.5-3.5 billion, the DEX ecosystem on Solana has not stagnated. Pump.Fun continues to dominate the meme coin craze, while SolFi sits firmly in the SOL-USD trading pair market. Meta-aggregators such as Titan and Kamino Swap are quietly rising, providing better paths through off-chain sources such as Pyth's Express Relay. Even if the trading volume decreases, the execution efficiency has been improved. Against the background of slowing trading volume, these two platforms have strengthened execution efficiency and strategy transparency, becoming an important supplement to stabilize the market.
The current technical situation shows that SOL is testing the $140 support zone. Once it falls below, it may start to pull back to the $123 or even $110 range. If Bitcoin can stay above $100,000 and international crude oil prices fall, Solana's correction market still has a chance to appear. Under such a market structure, crypto assets will once again be highly linked to macro factors, from the direction of the Federal Reserve's policy to energy price fluctuations.
Pure market observation, not any investment advice.
This article Solana plunges nearly 10%, analysts are still optimistic about infrastructure and new generation aggregators first appeared in Chain News ABMedia.
