最近幾個月，加密貨幣市場經歷了一段強勁的不穩定時期

最近幾個月，加密貨幣市場經歷了一段強烈的不穩定時期，索拉納（Solana）處於危機中的中心，席捲了整個Altcoin生態系統。

In recent months, the cryptocurrency market has experienced a period of strong instability, with Solana (SOL) at the center of a crisis that has shaken the entire altcoin ecosystem. After reaching a high of 296 dollars on January 19, 2025, Solana underwent a significant drop, losing over 40% of its value and returning to pre-November 2024 levels. This event has highlighted the sector’s fragilities, emphasizing how the cryptocurrency market is still deeply influenced by speculative dynamics and unpredictable liquidity movements.

近幾個月來，加密貨幣市場經歷了一段強烈的不穩定時期，索拉納（Sol）處於危機的中心，這使整個Altcoin生態系統動搖了。在2025年1月19日達到296美元的最高點之後，索拉納（Solana）大幅下降，損失了其價值的40％以上，並返回到2024年11月之前的水平。該事件強調了該行業的脆弱性，強調了加密貨幣市場如何仍受投機性動態和不可預測的流動性運動的深刻影響。

Meme Coin and speculation: the role of $Trump in the collapse of Solana

模因硬幣和猜測：$特朗普在索拉納崩潰中的作用

One of the key factors that contributed to this crash was the speculation on meme coins, particularly with the launch of the controversial $Trump. Just a few days after the inauguration of the President of the United States, this cryptocurrency fueled a speculative rush that drove many investors to buy Solana to ride the wave of euphoria. However, as often happens in these cases, the rally proved unsustainable, leading to a rapid correction and leaving behind a destabilized market.

導致這次崩潰的關鍵因素之一是對模因硬幣的猜測，尤其是在有爭議的$ trump推出的情況下。在美國總統就職幾天后，這種加密貨幣引發了投機性的衝動，驅使許多投資者購買索拉納（Solana）乘坐欣喜者。但是，正如在這些情況下經常發生的那樣，集會被證明是不可持續的，導致了迅速的糾正並留下了不穩定的市場。

But the pressure on Solana did not stop here. The reduction of available liquidity aggravated the situation, prompting many investors to withdraw their funds from DeFi protocols based on Solana’s blockchain. This outflow reduced the Total Value Locked (TVL) on the network, undermining confidence in the project and further accelerating the price decline. In a sector where perception plays a crucial role, the combination of the drop in TVL and price volatility generated a domino effect that involved the entire ecosystem.

但是索拉納的壓力並沒有停止。可用流動性的減少加劇了這種情況，促使許多投資者根據Solana的區塊鏈從DEFI協議中撤回其資金。此流出減少了網絡上鎖定的總價值（TVL），破壞了對項目的信心，並進一步加速了價格下跌。在感知起著至關重要的作用的領域中，TVL下降和價格波動率的結合產生了涉及整個生態系統的多米諾骨牌效應。

Structural Problems of Solana and Impact on Altcoins

Solana的結構性問題和對Altcoins的影響

The current situation is not only the result of recent events, but also the outcome of structural problems that Solana has been carrying for some time. In recent years, the network has faced several interruptions and vulnerabilities, which have raised doubts about its reliability and scalability. On one hand, Solana has proven to be one of the fastest and most high-performing blockchains, but on the other hand, its architecture has exposed the project to technical criticalities that, in moments of high pressure, have proven to be a weak point.

當前的情況不僅是最近事件的結果，而且是Solana一直帶來的結構性問題的結果。近年來，該網絡面臨著幾種中斷和脆弱性，這引起了人們對其可靠性和可擴展性的懷疑。一方面，Solana已被證明是最快，最高性能的區塊鏈之一，但另一方面，其架構已將項目暴露於技術關鍵問題上，在高壓時期，事實證明，這是一個弱點。

The impact of the Solana crash was not limited to the single cryptocurrency but had repercussions on the entire altcoin market. Ethereum (ETH) experienced a 23% drop, for example, while many other cryptocurrencies followed a similar trend. The reduction in confidence in the ecosystem led to a capital flight, with investors preferring to move their assets to stablecoins or liquidate entirely in search of lower-risk investments, especially given the challenging geopolitical situation that certainly did not help. This phenomenon accentuated market volatility, making it even more difficult to predict future movements.

Solana崩潰的影響不僅限於單一的加密貨幣，而是對整個Altcoin市場產生了影響。例如，以太坊（ETH）下降了23％，而許多其他加密貨幣也遵循類似的趨勢。對生態系統的信心降低導致了資本飛行，投資者傾向於將其資產轉移到穩定幣或完全清算以尋求低風險投資，尤其是考慮到充滿挑戰的地緣政治局勢肯定沒有幫助。這種現象加劇了市場的波動，使預測未來的運動變得更加困難。

The bankruptcy of FTX and its impact on the price of Solana

FTX的破產及其對Solana價格的影響

To further complicate the picture, there is the role of the bankruptcy of FTX, an event that continues to leave significant repercussions on the entire sector. The collapse of the exchange at the end of 2022 deeply shook investors’ confidence and highlighted the weaknesses of many centralized platforms.

為了進一步使情況復雜化，FTX破產的作用，這一事件繼續對整個行業產生重大影響。 2022年底交流的崩潰深深地震驚了投資者的信心，並強調了許多集中式平台的弱點。

After more than two years of waiting, the first reimbursements to affected users have finally begun, with an unlocking of 11.2 million SOL, worth approximately 2 billion dollars ready to flow into the market. This process, while representing a positive signal, introduces further uncertainties, influencing liquidity and investor behavior.

經過兩年多的等待，對受影響用戶的首次報銷終於開始了，解鎖了1,120萬輛溶膠，價值約20億美元，準備流入市場。該過程在代表積極信號的同時引入了進一步的不確定性，影響流動性和投資者行為。

Solana in the USA national reserve: a positive turn?

美國國家預備隊的Solana：積極的轉變？

Despite the difficult moment, there are some factors that could favor Solana in the near future. One of the most relevant developments is the decision of the United States to establish a national reserve of crypto-assets, including SOL and other cryptocurrencies developed on American soil. This institutional recognition could represent a turning point for Solana, granting it greater legitimacy and stability in the long term. On one hand, the cryptocurrency market is still subject to strong fluctuations, but on the other hand, the inclusion of Solana in an official reserve suggests that the U.S. government recognizes the strategic value of blockchain technology.

儘管有艱難的時刻，但有些因素可以在不久的將來有利於Solana。最相關的發展之一是美國決定建立國家的加密資產儲備，包括SOL和其他在美國土壤上開發的加密貨幣。這種機構認可可能代表了Solana的轉折點，從長遠來看，它具有更大的合法性和穩定性。一方面，加密貨幣市場仍會發生強烈的波動，但另一方面，將索拉納（Solana）納入官方儲備金，這表明美國政府認識到區塊鏈技術的戰略價值。

This move could have significant implications for the regulation and institutional adoption of Solana. With indirect governmental support, the blockchain could attract new institutional investors and facilitate the expansion of its applications in the world of decentralized finance and beyond. In a context where competition among blockchain networks is becoming increasingly intense, this could help Solana consolidate its position as one of the most promising infrastructures in the cryptocurrency landscape.

這一舉動可能會對索拉納的監管和製度採用產生重大影響。通過間接的政府支持，區塊鏈可以吸引新的機構投資者，並促進其在分散金融及其他地區的應用中擴展其應用程序。在區塊鍊網絡之間的競爭變得越來越激烈的情況下，這可以幫助Solana鞏固其作為加密貨幣景觀中最有希望的基礎設施之一的地位。