Solana network’s DeFi performance in 2023 has been better than other competing blockchains.
According to Valx and quoted by Ambcrypto, the mentioned index, which is called “DeFi Velocity”, compares the volume of transactions made in the DeFi sector of a network with the total value locked on that blockchain. Now, reports show that this metric for Solana network in January was equal to 0.25, which was twice that of Poligan network, which was ranked next.
Data from the DefiLlama site shows that the total value locked in the network has grown by 6% over the past week. February was not a good month for Solana. As attention to the BONK meme coin faded, other parts of this network also failed to keep investors’ attention.
The daily trading volume of Solana decentralized exchanges showed signs of improvement; After registering the lowest monthly value on February 11, this figure now shows a 100% increase. However, weekly trading volume was down 2.3%, reflecting Solana’s tough February.
In 2023, Solana was able to partially get out of the heavy shadow of the fall of the FTX exchange. SOL coin price has grown by 112% since the beginning of this year. In recent days, the daily fluctuations of this currency have increased. At the time of writing, Solana is trading at $22.99, up 1.7% from the previous day.
The data of Sentiment site supports this claim. The Naswan index of the price of this currency increased continuously during the last week and caused the weighted sentiments of investors to become negative. Extreme volatility can cause risk-averse traders to stay away from trading an asset.
The 60% decrease in the volume of transactions compared to last month was a proof of the distance of this group of traders.
Solana’s “operating interest” index or OI has continuously decreased over the past month. A decrease in the open interest rate is considered a sign that the market is interested in trading assets. With the formation of a downward divergence pattern in Solana’s OI index, Solana’s price may face further decline in the short term.
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