The Importance of the 7DMA Metric in Identifying Trends
When analyzing data in the crypto market, one valuable tool is the 7DMA metric. This metric calculates the average value of a particular data point over the past week. By using the 7DMA metric, you can easily spot trends and make informed decisions.
Factors Contributing to Solana’s Decline
Solana, a popular blockchain network, has experienced a significant decline in active users recently. This decline can be attributed to two main factors. Firstly, the bankruptcy of crypto exchange FTX in November had a negative impact on Solana’s reputation, as the blockchain was closely associated with FTX and its sister trading firm, Alameda Research. Additionally, the Securities and Exchange Commission (SEC) labeling Solana’s native SOL token as a security further damaged its standing. Consequently, SOL has been delisted on various U.S. platforms like eToro and Robinhood.
The Current State of Solana
Currently, the price of SOL stands at approximately $20, reflecting a 7% decrease in the past seven days. CoinGecko data reveals this information. In terms of total value locked, Solana is ranked tenth, with around $311 million locked on the network, according to DefiLlama data.
Hot Take: Understanding the Impact of External Factors on Crypto
As an investor in the crypto market, it’s crucial to understand how external factors can influence the performance of cryptocurrencies like Solana. The decline in active users and the delisting of SOL on major platforms highlight the significance of reputation and regulatory actions. By staying informed and monitoring market trends, you can navigate the crypto landscape more effectively and make informed investment decisions.
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