Solana（Sol）的歷史最高點為295美元，然後下降了60％

索拉納（Solana）在1月中旬達到了295美元的歷史最高點，就在特朗普總統推出了他的成員$特朗普時。

Solana (CRYPTO: SOL) has slid 60% from its all-time highs of $295 in mid-January, just as President Trump launched his memecoin, $Trump. On Tuesday, Solana was trading at $111.20.

索拉納（Crypto：Sol）在1月中旬的歷史最高售價為295美元，就在特朗普總統推出了他的成員$ trump時，已滑出60％。週二，Solana的交易價格為111.20美元。

What Happened: One of the key drivers of Solana's meteoric rise was the retail hype surrounding memecoins, especially following the release of BONK in December 2022. The meme coin sparked massive interest and drove a surge in decentralized exchange volumes. On Jan. 17, the day the $Trump token launched, Solana saw a peak of $36 billion in DEX volume.

發生的事情是：索拉納（Solana）迅速上升的主要驅動力之一是圍繞Memecoins的零售炒作，尤其是在2022年12月釋放Bonk之後。 MemeCoin引起了巨大的興趣，並引起了分散交易量的激增。 1月17日，$特朗普的代幣推出的那天，索拉納（Solana）的DEX量達到了360億美元的峰值。

However, that momentum has since faded. As of Tuesday, daily DEX volume on Solana has dropped significantly, averaging just around $1.5 billion per day. This signals a slowdown in the hype cycle that once fueled Solana's growth.

但是，這種勢頭已經消失了。截至週二，Solana的每日DEX數量大大下降，平均每天僅15億美元。這表明曾經助長了索拉納的增長的炒作週期的放緩。

With prices now stabilizing well below their highs, Solana holders need to understand what this trend means for the network.

隨著價格現在穩定在其最高點以下，索拉納持有人需要了解這種趨勢對網絡的含義。

Solana: A High Beta Asset With High Risk, High RewardSolana is a high beta asset, meaning it tends to move more aggressively than the broader crypto market. When prices are rising, Solana often outpaces other top tokens, delivering outsized gains. But the flip side is just as true: when sentiment shifts or liquidity dries up, Solana can experience sharper drawdowns.

SOLANA：高風險高的高β資產，高Rewardsolana是一項很高的Beta資產，這意味著它比更廣泛的加密市場更積極地移動。當價格上漲時，Solana通常會超過其他頂級令牌，從而帶來超大收益。但是，另一面同樣是真實的：當情緒變化或流動性變乾時，索拉納會體驗到更尖銳的縮水。

This volatility is a double-edged sword for investors. While it helped push Solana from under $10 to nearly $300 in just over a year, it also exposes holders to rapid downside when momentum fades. Much of Solana's recent correction can be attributed to the cooling of speculative activity, especially as memecoin trading — one of the major catalysts for its rise — has slowed dramatically.

對於投資者來說，這種波動性是一把雙刃劍。雖然它在一年多以上幫助Solana從10美元降至近300美元，但當動量消失時，它也使持有人迅速下跌。 Solana最近的大部分糾正措施可以歸因於投機活動的冷卻，尤其是由於Memecoin Trading（崛起的主要催化劑之一）急劇放緩。

For instance, on Jan. 17, at the height of the $Trump hype, around $36 billion flowed through Solana's DEXes in a single day, driven largely by retail traders engaging in brisk trades of the new memecoin. In contrast, on Tuesday, July 11, the seven-day average for DEX volume was just $1.5 billion per day.

例如，在1月17日，特朗普炒作的高峰期，大約360億美元在一天之內通過了索拉納（Solana）的德克斯（Dexes），這主要是由從事新紀念品的零售貿易商造成的。相比之下，7月11日星期二，DEX量的7天平均每天僅15億美元。

Current Fundamentals: Weak Signals for Solana's GrowthSolana's fundamentals are currently lacking, despite its fast speeds and low fees, which make it an ideal platform for DeFi applications. The network's decentralized exchange volume has seen a sharp decline, dropping from a peak of $36 billion in January to just $1.5 billion per day as of Tuesday. This signals the fading retail-driven hype, particularly from memecoins like BONK, $Trump, and others, which once fueled much of the activity on the blockchain.

當前的基本面：儘管速度快且費用低，但目前缺乏Solana增長的基本面信號較弱，這使其成為Defi應用程序的理想平台。該網絡的分散交換量的下降急劇下降，從一月份的360億美元下降到截至週二的每天15億美元。這標誌著淡出零售驅動的炒作，尤其是來自像Bonk，$ Trump和其他人等成人，這曾經助長了區塊鏈上的大部分活動。

Additionally, Solana's Fully Diluted Valuation stands at $66.712 billion, while its Total Value Locked, including staked governance tokens, is only $7.79 billion. This gives a FDV/TVL ratio of approximately 8.6, which reveals a significant disconnect between the network's market valuation and its actual on-chain usage. Previously, this ratio was higher during periods of greater hype, but as the market has cooled and activity has decreased, the gap between the FDV and TVL has tightened. A lower ratio is generally preferred, as it signals a more sustainable market valuation relative to the assets locked within the network.

此外，Solana的完全稀釋的估值為667.12億美元，而其總價值鎖定（包括固定治理令牌）僅為77.9億美元。這給出了大約8.6的FDV/TVL比率，這揭示了網絡的市場估值與其實際鏈使用之間的顯著斷開連接。以前，在更大的炒作期間，該比率較高，但是隨著市場的冷卻和活動減少，FDV和TVL之間的差距也隨之而來。通常優選較低的比率，因為它標誌著與網絡中鎖定的資產相比，更可持續的市場估值。

Solana: A Network in Search of Consistent Use CasesDespite these challenges, Solana still has significant potential. Its fast transaction speeds and low fees make it an ideal platform for scalable DeFi applications, and its infrastructure remains strong. However, the lack of sustained, organic use outside of speculative events like memecoins has kept the network from realizing its true value.

Solana：一個網絡尋找一致的用例，儘管存在這些挑戰，但Solana仍然具有巨大的潛力。它的快速交易速度和低費用使其成為可擴展Defi應用程序的理想平台，並且其基礎架構仍然很強。但是，在諸如Memecoins之類的投機事件之外，缺乏持續的有機使用使網絡無法實現其真實價值。

For Solana to truly take off, it needs to attract more consistent use cases within the DeFi space and beyond. If metrics such as DEX volume and on-chain activity improve, Solana could regain momentum. But for now, its weak fundamentals are reflected in the current price drop, showing that without strong, ongoing usage, its market performance will remain volatile.

為了使Solana真正起飛，它需要在Defi空間及其他地區吸引更一致的用例。如果諸如DEX量和鍊鍊活性等指標會有所改善，Solana可以恢復動量。但是就目前而言，其基本面反映在當前的價格下跌中，表明如果沒有強勁的，持續的用法，其市場績效將保持波動。

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