尽管未能重新获得 260 美元的支持，SOL 年初至今仍上涨 34%

Solana 的原生代币 SOL 在 1 月 22 日上涨了 7%，尽管未能收复 260 美元的支撑位。更重要的是，2025 年迄今为止，SOL 已上涨 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.

尽管未能收复 260 美元的支撑位，但 Solana 的原生代币 (SOL) 价格在 1 月 22 日仍上涨了 7%。然而，SOL 仍然是市值排名前 10 位的加密货币中表现最好的。

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.

更广泛的山寨币市场也出现了上涨，山寨币指数 (ALT) 在过去 24 小时内上涨了 1.02%，2025 年迄今上涨了 10%。这种上涨主要是由 memecoin 交易炒作推动的，特别是在推出1 月 18 日，特朗普 (TRUMP) 官方代币。

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.

与 1 月 19 日相比，Solana 网络费用在 1 月 21 日下降了 67%，至 1170 万美元。这一下降与 Raydium、Pump.fun 和 Orca 的交易活动减少一致，尽管总体水平仍高于前一周。与此同时，其他去中心化应用程序（DApp）的费用保持不变，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.

虽然 memecoin 在推动 Solana 网络活动方面确实发挥了作用，但值得注意的是，这种需求从长远来看可能无法持续，并且可能会给 Solana 生态系统带来不同的挑战。

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.

根据 Glassnode 的数据，每日活跃地址也出现了类似的模式，1 月 20 日达到峰值 1,650 万，然后下滑至 1,300 万。然而，要全面评估 Solana 的网络活动，与竞争对手的数据进行比较至关重要。

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

投资者应注意，memecoin 并不是 Solana 的唯一用例，但近期驱动网络活动的需求似乎不可持续。

Solana market share in decentralized exchanges remained strong

Solana 在去中心化交易所中的市场份额仍然强劲

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.

尽管链上活动整体下滑，但 Solana 在去中心化交易所 (DEX) 中的市场份额仍然强劲，在过去 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 交易量达到 119 亿美元，而 BNB Chain 和以太坊合计交易量为 74 亿美元。自 1 月 16 日以来，Solana 的统治力一直保持在 45% 以上，高于前一周 34% 的平均水平。

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.

从本质上讲，Solana 链上活动的放缓可能反映出交易员将注意力转向股市，尤其是在对特朗普总统任期持乐观态度的情况下。

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.

唐纳德·特朗普最近赢得大选后，由于对企业税、进口关税降低以及商业环境更加友好的乐观情绪的推动，交易员可能已转向股市。

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，标准普尔 500 指数上涨 0.8%，至盘中最高点 6,100 点，部分原因是 Netflix 的付费订阅量突破 3 亿后，股价上涨 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，由于与 OpenAI、甲骨文和软银成立合资企业的消息传出，甲骨文股价上涨 7%，英伟达股价上涨 4%，计划投资至少 5000 亿美元。据报道，Truist 联席首席投资官基思·勒纳 (Keith Lerner) 告诉 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.

当看涨情绪盛行时，永续合约（反向掉期）融资利率通常会每月攀升至 1.9% 以上，这表明多头（买入）头寸正在为维持杠杆而付出代价。

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.

过去两天，SOL杠杆需求在多头和空头之间保持平衡，目前该指标为每月0.5%。值得注意的是，1 月 20 日，交易员短暂表现出对空头（卖出）杠杆的需求增加。

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

Solana 价格面临 280 美元以上的障碍，如果支撑失败，SOL 价格可能滑至 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.

最后，了解 SOL 期货溢价对于评估交易者对衍生品市场的情绪至关重要。这些溢价按年计算，并通过定期比较期货价格与现货价格来计算。

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 出现新的催化剂——例如美国批准现货 Solana 交易所交易基金 (ETF)——否则很快重回 295 美元历史高点的可能性似乎有限。