- Solana has recently announced multiple launches and partnerships.
- Although SOL’s chart was red, some stats suggested a trend reversal.
Solana [SOL] DeFi’s Total Value Locked (TVL) has fallen sharply over the past year from its lowest point since February 2021. Solanas The relatively stable TVL has provided some relief to the overall DeFi market.
📉 DeFi TVL hits an all-time low ($37.78 billion): the lowest since February 2021. Not even the fallout from FTX and Luna has been able to bring this down.
Recall that $50 billion of TVL disappeared from the Anchor Protocol and the $50 billion credit crunch hit 3AC, BlockFi, and Celsius.
The remainder likely stems from Solana TVL post-FTX… pic.twitter.com/P98sCVPEwW
— Crypto Thanos (@CryptoThannos) August 23, 2023
Is your wallet green? look at the SOL Profit Calculator
Solana’s contribution to the DeFi market
The TVL DeFi market recently dropped to an all-time low of $37.78 billion, even outpacing the FTX and Terra installments. The remaining value was likely due to Solana’s post-FTX TVL decline, coupled with retail investors. At the time of printing, SOL had a TVL of over $1.08 billion.
Source: DeFiLlama
However, Solana’s DeFi can help kick things off with its latest partnerships and launches. The most notable partnership was with Shopify.
Solana Pay’s Shopify integration allows merchants and merchants to use Web3 payments. This also allows them to bypass transaction fees and third-party payment processing.
1/ 🛍️Shopify 🤝Solana Pay
Today, Solana Pay integrates with @Shopifyenabling the millions of merchants and merchants on Shopify to accept fast, web3-native payments with no transaction fees until the end of 2023. https://t.co/q63KeBllXB
More information 👇 pic.twitter.com/QEb1LzqS51
— Solana (@solana) August 23, 2023
Another promising launch was the Solana ChatGPT plugin. The recently launched plugin makes it easier to check wallet balances, understand transactions or even explore NFTs.
In addition, Membrane Finance brought the first euro stablecoin to Solana. This enables new use cases such as foreign exchange, euro-denominated debit card payments and blockchain-native stores of value.
All these developments add a lot of value to the blockchain’s offerings and capabilities, which may reflect on paper in the coming months.
Membrane Finance brings the first Euro stablecoin to Solana – along with card payments!
Today @solana goes to multiple currencies while fully supported and compliant euros land on the blockchain with high performance and low cost.https://t.co/k8u8X4Mxtb
— EUROe (@EUROmoney) August 23, 2023
Solana’s investors are concerned
While the blockchain had potential, SOL’s performance was disappointing. According to CurrencyMarketCapSOL is down more than 5% in the last 24 hours. At the time of writing, it was trading at $20.62 with a market cap of over $8.4 billion, making it the ninth-largest crypto.
Sentiment around the token was high, however, evident in weighted sentiment and social volume.
Source: Sentiment
Read Solanas [SOL] Price Prediction 2023-24
In addition, some statistics seemed optimistic SOL, which could soon trigger a trend reversal. Solana’s last price drop, for example, was accompanied by a drop in Open Interest.
A drop in the benchmark is usually followed by a change in price trends. Therefore, there is a chance that SOL price chart will turn green in the near term.
Source: Coinglass