Solana (SOL) 价格自 11 月 22 日以来大幅下跌

根据 TradingView 的 Coinbase 数据，高吞吐量 Solana 平台的原生代币 SOL 在 12 月 20 日接近 175.00 美元。

Solana (SOL) prices have declined sharply over the last several weeks, falling more than 30% since reaching an all-time high in late November.

Solana (SOL) 价格在过去几周大幅下跌，自 11 月底达到历史高点以来已下跌超过 30%。

Multiple market analysts have offered their takes on what may be driving this weakness in the SOL token, ranging from health consolidation to concerns about declining activity on the token’s native platform.

多名市场分析师对 SOL 代币疲软的原因提出了自己的看法，从健康整合到对代币原生平台活动下降的担忧。

SOL prices approached $175.00 on December 20, according to Coinbase data from TradingView.

根据 TradingView 的 Coinbase 数据，12 月 20 日 SOL 价格接近 175.00 美元。

At this point, the digital currency was down approximately 32% since reaching an all-time high of more than $257.00 on November 22, additional Coinbase figures from TradingView reveal.

TradingView 的额外 Coinbase 数据显示，自 11 月 22 日达到超过 257.00 美元的历史高点以来，目前该数字货币已下跌约 32%。

Since then, the cryptocurrency has recovered somewhat, but it has been unable to recover most of the ground it lost since late November, trading near $185 at the time of this writing.

此后，加密货币有所回升，但无法收复自 11 月底以来的大部分失地，在撰写本文时交易价格接近 185 美元。

Several potential explanations for this weakness in the SOL token were offered by market analysts, including health consolidation and more serious concerns about declining activity on the token’s native platform.

市场分析师对 SOL 代币的这一弱点提出了几种可能的解释，包括健康整合以及对代币原生平台活动下降的更严重担忧。

“Solana has been in a down trend since breaking 2021’s all-time high of $260 with a swing wick high of $263.83 on the weekly Nov 22, 2024,” TikTok influencer who goes by Wendy O emphasized through emailed comments.

“自 2024 年 11 月 22 日每周突破 260 美元的历史高点和 263.83 美元的周线高点以来，Solana 一直处于下跌趋势，”TikTok 影响者 Wendy O 通过电子邮件评论强调。

“This could be because of Bitcoin’s inability to sustain $100,000 or due to 2024 wrapping up, traders and investors taking profits before 2025 or the markets just cooling down in general as some uncertainty comes Q1 2025 as we expect a new administration,” she stated.

她表示：“这可能是因为比特币无法维持 10 万美元，或者由于 2024 年即将结束，交易员和投资者在 2025 年之前获利了结，或者市场总体降温，因为我们预计新政府将在 2025 年第一季度出现一些不确定性。”

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Uncertain Policy Outlook

政策前景不确定

The analyst pointed out that while former President Donald Trump’s reelection has bolstered cryptocurrency markets, there are many uncertainties surrounding exactly what will happen when he returns to the Oval Office.

这位分析师指出，虽然前总统唐纳德·特朗普的连任提振了加密货币市场，但当他重返椭圆形办公室时，具体会发生什么仍存在许多不确定性。

Earlier this month, Trump revealed that he planned to nominate Paul Atkins, who previously served as a commissioner for the U.S. Securities and Exchange Commission, for the government agency’s top post.

本月早些时候，特朗普透露，他计划提名曾担任美国证券交易委员会委员的保罗·阿特金斯担任该政府机构的最高职位。

Atkins, who currently serves as the CEO of Patomak Global Partners LLC, is expected to take a more pro-business approach to regulation than current SEC Chair Gary Gensler, who has made headlines for his aggressive approach toward cryptocurrency/blockchain industry participants.

目前担任 Patomak Global Partners LLC 首席执行官的阿特金斯预计将采取比现任 SEC 主席加里·詹斯勒 (Gary Gensler) 更亲商业的监管方式，后者因对加密货币/区块链行业参与者采取积极态度而成为头条新闻。

Falling Network Activity

网络活动下降

One analyst in particular highlighted the sharp change in activity that the Solana network has experienced over the last several weeks.

一位分析师特别强调了 Solana 网络在过去几周内经历的活动急剧变化。

“Since the end of Nov, Solana has seen a marked decrease in both network activity (daily transactions have nearly halved since Nov 20) and TVL (total value locked) in its DeFi applications,” Alex Lin, cofounder and general partner at venture capital firm Reforge, wrote via email.

“自 11 月底以来，Solana 的 DeFi 应用中的网络活动（自 11 月 20 日以来每日交易量几乎减少了一半）和 TVL（锁定总价值）均显着下降，”风险投资联合创始人兼普通合伙人 Alex Lin Reforge 公司通过电子邮件写道。

“The decrease in network activity can most likely be attributed to the shifting narrative around Solana itself with newer or alternative platforms like Hyperliquid capturing the majority of mindshare for performance and innovation,” he stated, referring to the decentralized exchange, which has managed to generate significant visibility.

他表示：“网络活动的减少很可能是由于 Solana 本身的叙述发生了变化，Hyperliquid 等更新或替代平台占据了性能和创新的大多数思维份额。”他指的是去中心化交易所，该交易所已成功产生了显着的可见度。

“Hyperliquid touts itself as the blockchain to house all finance and has recently seen inflows of more than $1bn and hitting $3.2bn in TVL since launching its native token last month despite having major centralization concerns,” said Lin.

Lin 表示：“Hyperliquid 标榜自己是容纳所有金融的区块链，尽管存在严重的集中化担忧，但自上个月推出其原生代币以来，最近资金流入超过 10 亿美元，TVL 达到 32 亿美元。”

In addition, he emphasized that “Solana is more sensitive to market sentiment shifts compared to BTC or ETH as its growth in 2024 can be attributed to more speculative activities associated with its ecosystem such as memecoins and high-leverage trading.”

此外，他强调，“与 BTC 或 ETH 相比，Solana 对市场情绪变化更加敏感，因为其 2024 年的增长可归因于与其生态系统相关的更多投机活动，例如 memecoin 和高杠杆交易。”

A Healthy Consolidation

健康的整合

The analyst also offered a separate, and more neutral possible explanation for the recent declines in the SOL token.

这位分析师还对 SOL 代币最近的下跌提供了一个单独的、更中立的可能解释。

“Solana's price might have been disproportionately affected by market conditions historically and is now experiencing a healthy correction,” Lin noted.

“从历史上看，Solana 的价格可能会受到市场状况的不成比例的影响，但现在正在经历健康的调整，”Lin 指出。

Tim Enneking, managing partner of Psalion, seemed to be on the same page.

Psalion 的管理合伙人蒂姆·恩内金 (Tim Enneking) 似乎也有同样的看法。

When asked what fueled the recent drop in SOL prices, he stated that “In this case, I think the answer is relatively straightforward: markets, and Solana in particular, have moved very far very fast and they are now consolidating. This is actually a very healthy consolidation prior to the next move up.”

当被问及是什么推动了近期 SOL 价格下跌时，他表示：“在这种情况下，我认为答案相对简单：市场，尤其是 Solana，已经发展得非常快，而且现在正在整合。这实际上是下一步上涨之前非常健康的盘整。”

To delve further into this matter, the author of this article inquired into whether profit taking caused this downward price movement, to which Enneking replied “That’s clearly part of the consolidation, as well as tax considerations (especially given that the wash sale rule doesn

为了进一步探讨这个问题，本文作者询问了获利回吐是否导致了价格下跌，恩内金回答说：“这显然是合并的一部分，也是税收考虑的一部分（特别是考虑到洗售规则不