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3 things must happen for Solana (SOL) price to rebound to new all-time highs

3 things must happen for Solana (SOL) price to rebound to new all-time highs

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Source: Coin Telegraph

Unsustainable memecoin frenzies, global uncertainty and investors’ risk-averse positioning could complicate Solana’s chances of hitting new all-time highs.

Solana’s native token SOL (SOL) saw its price drop by 17.2% between Jan. 24 and Jan. 27. After touching its lowest levels in 10 days, the price recovered to $235, but this is still 26% below its Jan. 19 all-time high of $295. This recent downturn partially reflects a 40% decline in Solana’s network onchain trading activity. Despite the short-term weakness, SOL has the potential for further gains in 2025.

7-day onchain trading volumes rank, USD. Source: DefiLlama

Solana’s competitors have shown more resilience. BNB Chain volumes dropped by just 1%, while Ethereum’s base layer saw a 10% reduction in activity over seven days. However, it’s important to note that other competitors and Ethereum layer-2 solutions also reported 25% to 30% lower onchain volumes during the same period.

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Author: Marcel Pechman