随着更广泛的加密货币市场降温，SOL 努力突破 145 美元

Solana 网络的原生代币 SOL 自 7 月 3 日以来一直无法收于 145 美元以上。这种表现不佳的部分原因是

Solana (SOL) has failed to close above $145 since July 3, lagging behind competitors and sparking concerns among traders.

自 7 月 3 日以来，Solana (SOL) 收盘价一直未能突破 145 美元，落后于竞争对手，引发了交易员的担忧。

Despite the broader cryptocurrency market experiencing a 5% decline in aggregate market capitalization over nine days, SOL underperformed its competitors.

尽管更广泛的加密货币市场总市值在 9 天内下降了 5%，但 SOL 的表现仍逊于竞争对手。

While BNB BNB and Ether ETH both declined 6.5% between July 3 and July 12, SOL traded down 7.8%. This underperformance has traders fearing that the bearish momentum will continue.

虽然 BNB BNB 和以太币 ETH 在 7 月 3 日至 7 月 12 日期间均下跌 6.5%，但 SOL 下跌 7.8%。这种表现不佳让交易员担心看跌势头将持续下去。

However, Solana’s on-chain metrics and SOL’s derivatives indicate that a reversal may be underway.

然而，Solana 的链上指标和 SOL 的衍生品表明逆转可能正在发生。

Some Solana SPL tokens drastically underperformed, which also explains the reduced demand for SOL.

一些 Solana SPL 代币的表现严重不佳，这也解释了 SOL 需求的减少。

When Solana ecosystem participants lose money, less money circulates in its decentralized applications, consequently egatively impacting the demand for SOL. Highlights between July 3 and July 12 include a 24% decline in DogWifHat (WIF), 18% losses in Helium (HNT), and an 18% correction in Jito (JTO).

当 Solana 生态系统参与者亏损时，其去中心化应用程序中流通的资金就会减少，从而对 SOL 的需求产生负面影响。 7 月 3 日至 7 月 12 日期间的亮点包括 DogWifHat (WIF) 下跌 24%、Helium (HNT) 下跌 18% 以及 Jito (JTO) 下跌 18%。

In the grand scheme of things, SOL remains the fourth largest cryptocurrency, excluding stablecoins, boasting a $65 billion market capitalization. To put things in perspective, competitors Toncoin (TON) hold $18.4 billion, Tron TRX stands at $12 billion, and Avalanche AVAX at $10.1 billion.

从长远来看，SOL 仍然是不包括稳定币的第四大加密货币，拥有 650 亿美元的市值。客观来看，竞争对手 Toncoin (TON) 持有 184 亿美元，Tron TRX 持有 120 亿美元，Avalanche AVAX 持有 101 亿美元。

Furthermore, the total value locked (TVL) in Solana matched the BNB Chain for the first time ever on July 5, and the gap has been minimal ever since.

此外，Solana 的锁定总价值 (TVL) 于 7 月 5 日首次与 BNB 链持平，此后差距一直很小。

According to DefiLlama data, BNB Chain had more than twice Solana’s TVL by the end of 2023. The $2 billion gap favoring BNB Chain is now gone, meaning traders are deploying significantly more capital on the Solana network. Solana’s highlights include liquid staking Jito, holding $1.6 billion in deposits, followed by Marinade with $1.1 billion, and Kamino, also nearing $1.1 billion in TVL.

根据 DefiLlama 的数据，到 2023 年底，BNB Chain 的 TVL 是 Solana 的两倍多。有利于 BNB Chain 的 20 亿美元缺口现已消失，这意味着交易者正在 Solana 网络上部署更多的资金。 Solana 的亮点包括流动质押 Jito，持有 16 亿美元的存款，其次是 Marinade，拥有 11 亿美元的存款，而 Kamino 的 TVL 也接近 11 亿美元。

Tron holds the second position in TVL terms with $7.6 billion, but 72% of that comes from a single decentralized finance (DeFi) application, JustLend. Analysts have strong concerns given that 94% of its deposits come from a wrapped version of Bitcoin, which lacks solid evidence of reserves. In essence, Solana competes directly with BNB Chain for the second place in deposits.

Tron 以 76 亿美元的 TVL 排名第二，但其中 72% 来自单一去中心化金融 (DeFi) 应用程序 JustLend。鉴于其 94% 的存款来自打包版本的比特币，且缺乏确凿的储备证据，分析师对此表示强烈担忧。本质上，Solana 直接与 BNB Chain 争夺存款第二名。

In terms of decentralized applications (DApps) activity, Solana is far from being a top contender, but its metrics improved over the past seven days while most competitors faced declines.

就去中心化应用程序 (DApp) 活动而言，Solana 远非顶级竞争者，但其指标在过去 7 天内有所改善，而大多数竞争对手都面临下降。

Data indicates that Ethereum, BNB Chain, and Polygon experienced a decline in the number of active users, while Solana gained 19% over the past seven days. Similarly, Solana DApps volumes totaled $703 million in the same period, a 12% increase over the previous seven days. Meanwhile, the market leader competitor Ethereum faced a 37% decline in volumes.

数据显示，以太坊、BNB Chain 和 Polygon 的活跃用户数量有所下降，而 Solana 在过去 7 天内增长了 19%。同样，同期 Solana DApp 交易量总计 7.03 亿美元，比前 7 天增长 12%。与此同时，市场领先竞争对手以太坊的交易量下降了 37%。

Finally, one should analyze SOL’s futures markets. Perpetual contracts, also referred to as inverse swaps, incorporate an embedded rate recalculated every eight hours. Essentially, a negative rate indicates that shorts (sellers) are using higher leverage.

最后，我们应该分析一下SOL的期货市场。永续合约，也称为反向掉期，包含每八小时重新计算一次的嵌入利率。本质上，负利率表明空头（卖家）正在使用更高的杠杆。

Notably, the eight-hour funding rate for SOL turned negative between July 5 and July 6, but the indicator is presently near zero, indicating balanced demand between longs (buyers) and shorts. While it is impossible to determine what might cause SOL investors to regain confidence and push its price back to $160, on-chain and derivatives metrics show no signs of stress.

值得注意的是，SOL 的八小时资金费率在 7 月 5 日至 7 月 6 日期间转为负值，但该指标目前接近于零，表明多头（买家）和空头之间的需求平衡。虽然无法确定什么可能会导致 SOL 投资者重拾信心并将其价格推回 160 美元，但链上和衍生品指标没有显示出压力的迹象。