Is Solana making a comeback? Analyzing the revival trend from five key indicators
The Solana ecosystem is showing signs of recovery, with inflows of funds, user activity, and on-chain transaction volume continuing to rise, but overall it is still in the early stages of warming up.Author: Scof, ChainCatcher
Editor: TB, ChainCatcher
Solana seems to be迎来 a revival opportunity.
This week, several assets within the Solana ecosystem have started to react, and market sentiment is gradually improving. According to crypto KOL @_Forab, the crypto market maker giant Jump has returned to the market, and there are rumors that the official is conducting OTC operations for SOL. Additionally, participants within the ecosystem seem to be actively responding to the rise of BNB Chain, seeking new breakthroughs.
This article will analyze and interpret the current capital movements through five key technical indicators to help readers better understand the potential trends in the Solana ecosystem.
1. Price Performance
According to CoinMarketCap data, the price of SOL has rebounded from a low of $117 to about $140 over the past month, an increase of nearly 20%. During the same period, BNB rose from $511 to $637, an increase of about 24.6%.
From the trend, the rise of BNB was mainly concentrated from March 11 to 18, during which BNB Chain saw active on-chain trading. It is speculated that the increase in price may be due to users buying meme coins in advance, leading to a surge in demand to transfer funds onto the chain, driving up the price of BNB.
In contrast, SOL's rise was more concentrated, mainly occurring from March 24 to 25, indicating that funds rapidly flowed into the Solana ecosystem in a short period.
Price comparison of BNB and SOL, blue for BNB, red for SOL
2. Active Address Count
According to data from Artemis Terminal, the daily active users on the Solana chain increased from 3.8 million the previous day to 5.3 million on March 24, showing a significant increase in user participation. In contrast, the daily active users on BNB Chain were only 1.4 million.
Daily active user count on the Solana chain
3. Capital Inflow Performance
According to Artemis data, in the past 7 days, 78.5% of the funds flowing out of the Ethereum mainnet went to Solana, while only 21.4% flowed into BNB Chain. This capital flow indicates that, at this stage, market funds are more inclined to enter the Solana ecosystem.
Further analysis of the net inflow situation in the ecosystem over the past week shows that since March 22, BNB Chain has continuously shown a net inflow, but began to see capital outflow starting March 23. In contrast, the Solana ecosystem showed net inflows from March 19 to March 23, with only a slight net outflow on March 18.
Additionally, combining the capital transfer data between the two chains, BNB Chain has flowed $521,000 into the Solana chain in the past week, while the Solana chain has flowed $461,000 into BNB Chain. Overall, the trend shows that funds are moving from BNB Chain to the Solana chain.
4. DEX Trading Volume
According to Dune data, the DEX trading volume on the Solana chain saw a significant surge on March 24, skyrocketing from $12.5 billion the previous day to $140.4 billion, a remarkable increase. In contrast, the DEX trading volume on BNB Chain plummeted from $14.1 billion to $1.4 billion during the same period, showing a starkly different trend.
This comparison further confirms that market funds and trading activity are clearly leaning towards Solana in the short term. The surge in trading volume not only reflects a significant increase in user participation but may also be related to structural factors where hot assets are concentrated on the Solana chain, indicating a stronger capacity for liquidity in the current stage of the ecosystem.
5. Transaction Fees
According to DeFiLlama data, BNB Chain generated $10.87 million in transaction fees last week, but as of this week, transaction fees have dropped to only $1.18 million, showing a significant decline. In contrast, Solana's transaction fees last week were $5.74 million, and so far this week, it has generated $1.29 million. Although there has been an increase, the growth is relatively moderate, indicating that user activity has rebounded somewhat, but overall remains in a wait-and-see state, without large-scale actions.
Conclusion
Based on the analysis of the five technical indicators, signs of revival in the Solana ecosystem are gradually emerging, particularly in terms of capital inflow, trading volume, and activity levels. Although Solana's transaction fees and price increases have not seen explosive growth compared to BNB Chain, the short-term rebound and capital flow indicate that the market is refocusing on Solana, and trading activities within its ecosystem are gradually heating up.
Especially from the perspective of capital inflow performance, Solana's share in cross-chain capital flows is gradually increasing, indicating that market confidence in the Solana ecosystem is strengthening. The surge in DEX trading volume and the increase in active address counts also somewhat prove the rebound in user participation.
However, despite the current growth trend, Solana's recovery is still in a wait-and-see phase and has not fully formed a sustainable growth momentum. Further inflows of users and capital will be crucial factors in determining whether Solana can completely emerge from its low point and compete with BNB Chain and others.
The road to Solana's revival still requires more time to validate whether it can break through the current bottleneck and continue to attract broader market attention and capital support.
