加密市场正在经历一个新的动荡阶段。 Solana（Sol）下降了40％

这种下降不仅是市场纠正：它突出了结构弱点和对某些投机趋势的高度依赖。

The crypto market is currently undergoing a new phase of turbulence. Among the most affected tokens is Solana (SOL), which has seen a 41% drop in just a few weeks.

加密货币市场目前正处于动荡的新阶段。索拉纳（Sol）（SOL）中，受影响最大的令牌中有41％的人在短短几周内下降了41％。

This decline is not merely a market correction; it highlights structural weaknesses and a high dependence on certain speculative trends that are no longer sustainable.

这种下降不仅是市场纠正；它突出了结构性弱点，并且对某些不再可持续的投机趋势具有很大的依赖。

Network under pressure, impacted by the volatility of cryptos

在压力下的网络，受到加密的波动的影响

At the beginning of February 2025, Solana users reported a degradation of performance on the network.

在2025年2月初，Solana用户报告了网络上性能的退化。

Transactions, usually nearly instantaneous, began to experience unusual delays. Some holders of the SOL crypto even encountered repeated failures during their exchanges on decentralized platforms (DEX).

通常几乎瞬时的交易开始遇到异常的延误。 SOL加密货币的一些持有人甚至在分散平台（DEX）的交流中遇到了反复的失败。

This slowdown is largely explained by the intense activity related to memecoins, those highly speculative tokens inspired by viral trends.

这种放缓在很大程度上是由与模因有关的激烈活动来解释的，这些活动受到病毒趋势的启发。

Solana, despite its ambitious positioning, remains one of the favorite playgrounds for these cryptos. Projects like LIBRA, once backed by public figures, attracted colossal sums before collapsing by 95%, leading to a chain of massive liquidations.

索拉纳（Solana）尽管雄心勃勃，但仍然是这些加密货币最喜欢的游乐场之一。像天秤座这样的项目曾经得到公众人物的支持，吸引了巨大的款项，然后崩溃了95％，从而导致了一系列大规模的清算。

In the span of 24 hours, 227 million dollars in positions were liquidated, amplifying the pressure on the SOL crypto.

在24小时的时间内，清算了2.27亿美元的位置，扩大了SOL加密货币的压力。

The issue is not limited to speculation; the architecture of Solana, although performant under normal circumstances, shows its limits in the face of excessive demand.

这个问题不仅限于投机； Solana的建筑尽管在正常情况下表现出色，但面对过度需求的局限性。

An excessive centralization of validators and recurrent congestion raise questions about the network's ability to absorb large-scale adoption.

过度集中验证者和经常性拥堵引发了有关该网络吸收大规模采用能力的问题。

Bitcoin as a refuge

比特币作为避难所

While the Sol crypto wavers, Bitcoin is maintaining its place as a safe haven. Its dominance reaches 61%, an unprecedented level since 2021, signaling that investors are turning to assets perceived as more resilient.

当Sol Crypto摇动时，比特币仍保持其作为避风港的位置。自2021年以来，它的主导地位达到了61％，这是一个空前的水平，这表明投资者正在将其视为更具弹性的资产。

Even Bitcoin ETFs, despite experiencing net exits of 516 million dollars, are weathering the storm better than the sharply declining altcoins.

即使比特币ETF遇到了5.16亿美元的净出口，也比急剧下降的山寨币更好地风化了风暴。

This context underscores an increasingly marked fracture within the crypto market. On one side are established projects like Bitcoin and Ethereum, which are gradually becoming embedded in concrete uses.

这种情况下强调了加密货币市场中越来越明显的断裂。一方面是诸如比特币和以太坊之类的已建立项目，它们逐渐嵌入了混凝土用途中。

On the other side are blockchains like Solana, which, despite their technological advancements, still largely depend on speculative dynamics.

另一方面是诸如Solana之类的区块链，尽管它们的技术进步，但仍主要取决于投机性动态。

Furthermore, regulatory oversight remains a factor to watch. The SEC recently concluded its investigations into Uniswap and Coinbase, a strategy that could signal a desire to foster a more stable framework rather than stifle innovation.

此外，监管监督仍然是值得关注的因素。 SEC最近对UNISWAP和COINBASE进行了调查，该策略可能表明渴望培养更稳定的框架而不是扼杀创新。

However, Solana, due to its association with certain major incidents (including a recent hack of 1.5 billion dollars on Bybit), could remain under the regulators' spotlight.

但是，由于索拉纳（Solana）与某些重大事件的关联（包括最近的15亿美元的bybit攻击），可能仍在监管机构的聚光灯下。

While the current drop of Solana is concerning, it does not signify the end of the project. To regain market confidence, the network will need to strengthen its robustness, further decentralize its validators, and attract developers beyond just memecoins. The ecosystem must prove its capacity to support more varied and sustainable activities, particularly in decentralized finance (DeFi).

虽然当前的Solana引起了关注，但它并不表示项目的终结。为了重新获得市场信心，该网络将需要增强其稳健性，进一步分散其验证者，并吸引开发人员仅仅是Memecoins。生态系统必须证明其支持更多多样化和可持续活动的能力，尤其是在分散的金融（DEFI）中。