儘管未能重新獲得 260 美元的支持，SOL 年初至今仍上漲 34%

Solana 的原生代幣 SOL 在 1 月 22 日上漲了 7%，儘管未能收復 260 美元的支撐位。更重要的是，2025 年 SOL 年初至今已上漲 34%

Solana’s native token (SOL) price experienced a 7% increase on Jan. 22, despite failing to reclaim the $260 support level. However, SOL remained the best performer among the top 10 cryptocurrencies by market capitalization.

儘管未能收復 260 美元的支撐位，但 Solana 的原生代幣 (SOL) 價格在 1 月 22 日仍上漲了 7%。然而，SOL 仍然是市值排名前 10 名的加密貨幣中表現最好的。

The broader altcoin market also witnessed gains, with the Altcoin Index (ALT) rising 1.02% over the past 24 hours and 10% year-to-date in 2025. This upswing was largely fueled by memecoin trading hype, especially following the launch of the Official Trump (TRUMP) token on Jan. 18.

更廣泛的山寨幣市場也出現了上漲，山寨幣指數(ALT) 在過去24 小時內上漲了1.02%，2025 年迄今上漲了10%。 這種上漲主要是由memecoin 交易炒作推動的，特別是在推出1 月 18 日，川普 (TRUMP) 官方代幣。

Solana network fees dropped 67% to $11.7 million on Jan. 21, compared to Jan. 19. This decline aligns with reduced trading activity on Raydium, Pump.fun, and Orca, although overall levels remained higher than the previous week. At the same time, fees stayed unchanged on other decentralized applications (DApps), such as Jito, Meteora, Photon, and Moonshot.money.

與1 月19 日相比，Solana 網路費用在1 月21 日下降了67%，至1,170 萬美元。一周。同時，其他去中心化應用程式（DApp）的費用保持不變，例如 Jito、Meteora、Photon 和 Moonshot.money。

While memecoins certainly played a role in driving Solana network activity, it's important to note that this demand may not be sustainable in the long term and could present a different challenge for the Solana ecosystem.

雖然 memecoin 在推動 Solana 網路活動方面確實發揮了作用，但值得注意的是，這種需求從長遠來看可能無法持續，並且可能會給 Solana 生態系統帶來不同的挑戰。

A comparable pattern emerged in daily active addresses, which peaked at 16.5 million on Jan. 20 before slipping to 13 million, according to Glassnode data. However, to evaluate Solana's network activity fully, a comparison with competitor data is essential.

根據 Glassnode 的數據，每日活躍地址也出現了類似的模式，1 月 20 日達到高峰 1,650 萬，然後下滑至 1,300 萬。然而，要全面評估 Solana 的網路活動，與競爭對手的數據進行比較至關重要。

Investors should take note that memecoins are not Solana’s sole use case, yet the recent demand driving network activity appears unsustainable.

投資人應注意，memecoin 並不是 Solana 的唯一用例，但近期驅動網路活動的需求似乎無法持續。

Solana market share in decentralized exchanges remained strong

Solana 在去中心化交易所的市佔率仍然強勁

Despite the overall downturn in onchain activity, Solana's market share in decentralized exchanges (DEX) remained strong, preserving its top position over the past seven days.

儘管鏈上活動整體下滑，但 Solana 在去中心化交易所 (DEX) 中的市佔率仍然強勁，在過去 7 天中保持了第一的位置。

On Jan. 21, Solana recorded $11.9 billion in DEX volume, while BNB Chain and Ethereum combined for $7.4 billion. Solana's dominance has stayed above 45% since Jan. 16, higher than the previous week's average of 34%.

1 月 21 日，Solana 的 DEX 交易量達到 119 億美元，而 BNB Chain 和以太坊合計交易量為 74 億美元。自 1 月 16 日以來，Solana 的統治力一直保持在 45% 以上，高於前一周 34% 的平均值。

Essentially, the slowdown in Solana's onchain activity could be a reflection of traders shifting their focus to the stock market, especially amid optimism over Trump's presidency.

從本質上講，S​​olana 鏈上活動的放緩可能反映出交易員將注意力轉向股市，尤其是在對川普總統任期樂觀的情況下。

Traders might have pivoted to the stock market, driven by optimism about lower corporate taxes, import tariffs, and a more business-friendly environment following Donald Trump’s recent election victory.

唐納德·川普最近贏得大選後，由於對企業稅、進口關稅降低以及商業環境更加友好的樂觀情緒的推動，交易員可能已轉向股市。

The S&P 500 index advanced 0.8% to an intraday record of 6,100 on Jan. 22, boosted in part by Netflix, which jumped 11% after surpassing 300 million paid subscriptions.

1 月 22 日，標普 500 指數上漲 0.8%，至盤中最高點 6,100 點，部分原因是 Netflix 的付費訂閱量突破 3 億後，股價上漲 11%。

Additionally, Oracle shares rose 7%, while Nvidia climbed 4% on news of a joint venture with OpenAI, Oracle, and SoftBank, involving at least $500 billion in planned investments. Keith Lerner, Truist's co-chief investment officer, reportedly told CNBC:

此外，由於與 OpenAI、甲骨文和軟銀成立合資企業的消息傳出，甲骨文股價上漲 7%，英偉達股價上漲 4%，計畫投資至少 5,000 億美元。據報道，Truist 聯席首席投資官 Keith Lerner 告訴 CNBC：

The perpetual contract (inverse swap) funding rate usually climbs above 1.9% per month when bullish sentiment prevails, indicating that long (buy) positions are paying to maintain leverage.

當看漲情緒盛行時，永續合約（反向掉期）融資利率通常會每月攀升至 1.9% 以上，這表明多頭（買入）頭寸正在為維持槓桿而付出代價。

Over the past two days, the demand for SOL leverage has remained balanced between bulls and bears, with the indicator currently at 0.5% per month. Notably, on Jan. 20, traders briefly showed increased demand for short (sell) leverage.

過去兩天，SOL槓桿需求在多頭和空頭之間保持平衡，目前該指標為每月0.5%。值得注意的是，1 月 20 日，交易員短暫表現出對空頭（賣出）槓桿的需求增加。

Solana price faces hurdles above $280, SOL price risks slipping to $220 if support fails

Solana 價格面臨 280 美元以上的障礙，如果支撐失敗，SOL 價格可能滑至 220 美元

Finally, a glance at SOL futures premiums is crucial to assessing traders' sentiment in the derivative markets. These premiums are annualized and calculated by comparing futures prices with spot prices at regular intervals.

最後，了解 SOL 期貨溢價對於評估交易者對衍生性商品市場的情緒至關重要。這些溢價是按年計算，並透過定期比較期貨價格與現貨價格來計算。

Unless a new catalyst emerges for SOL — such as US approval of a spot Solana exchange-traded fund (ETF) — the likelihood of revisiting the $295 all-time high soon appears limited.

除非 SOL 出現新的催化劑——例如美國批准現貨 Solana 交易所交易基金 (ETF)——否則很快重返 295 美元歷史高點的可能性似乎有限。