- OKX has listed Solana-related tokens JITO and BONK on its platform.
- Despite positive developments, Solana grappled with declining daily activity and social volume.
Solana [SOL] has been seeing large interest in its ecosystem, primarily due to its DeFi sector and the popularity of meme coins on its network.
Solana can capitalize further on this interest in both these sectors, as JITO and Bonk [BONK] recently got listed on the OKX exchange.
JITO and BONK come to the rescue
The approval of JITO and BONK on OKX signals a positive trajectory for Solana, leveraging its DeFi and memecoin sectors to attract more users and investors.
This move positions Solana to capitalize on the growing interest in these segments, potentially driving further adoption.
Despite recent token listings, Solana faced challenges as daily activity and transactions on the protocol declined. This dip in engagement raised concerns about the network’s vitality, demanding strategic measures to regain momentum.
Moreover, Solana experienced setbacks in DeFi and DEX volumes as both Total Value Locked (TVL) and decentralized exchange volumes witnessed a decline.
This trend signaled potential difficulties in maintaining the network’s prominence in these crucial sectors, emphasizing the need for a revitalized strategy.
Source: Artemis
Social volumes take a hit
The decline in social volume around SOL added another layer of concern, suggesting a fading buzz and interest amongst users.
Weighted Sentiment around SOL mirrors the negativity in social volume. This meant that negative sentiment outweighed positive commentary, indicating a potential decline in community enthusiasm that could impact Solana’s standing.
This emphasized the need for concerted efforts to address concerns and bolster community confidence. As negative comments overshadow positive ones, Solana must proactively address issues to reverse this sentiment trend.
On a positive note, Solana witnessed a surge in development activity, showcasing ongoing efforts to enhance the network’s capabilities.
This influx of development activity, despite other challenges, indicates a commitment to innovation and improvement within the Solana ecosystem.
How much are 1,10,100 SOLs worth today?
Looking at SOL’s press time price of $90.11, which experienced a -3.64% decline in the last 24 hours, the token faced price volatility.
Future price movements will likely be influenced by the interplay of token listings, network activity, and community sentiment going forward.
Source: Santiment
