Solana plunges nearly 10%, analysts are still optimistic about infrastructure and new generation aggregators

Against the backdrop of escalating geopolitical risks and spreading global market risk aversion, the cryptocurrency market is once again facing severe volatility. Solana (SOL), as one of the mainstream blockchain assets with outstanding recent performance, could not escape this round of turbulence, with its single-day decline approaching 10%.

The trigger for this event was the escalating situation in the Middle East. Israel's renewed air strikes on Iran prompted global hedging purchases of hard assets like gold and oil, causing gold and oil prices to surge simultaneously, with risk assets generally declining, and the cryptocurrency market being hit particularly hard. On June 11th, SOL had rebounded to $167, but quickly fell below the $145 mark, currently hovering around $144.

This wave of selling triggered massive liquidations. According to on-chain data, on Friday morning alone, BTC briefly dropped below $103,000, triggering over $400 million in long position liquidations. Solana subsequently dropped by approximately 9.6%, with related liquidations amounting to $52 million, ranking third after BTC and ETH.

Fundamentals Remain Stable, Infrastructure Shows No Signs of Shaking

Despite the violent price fluctuations, Solana's ecosystem fundamentals remain strong, with daily transaction numbers consistently above 80 million, and on-chain throughput and application revenue maintaining a range of $40-70 million. The liquid staking token jitoSOL's scale is approaching $7 billion, and validator income has not been significantly impacted, indicating that grassroots users and infrastructure continue to operate. Moreover, the staking ratio remains at 65.4%, with net staking volume exceeding net unstaking, further confirming users' long-term confidence in Solana.

DEX Rotation Evident, New Generation Meta-Aggregators Stabilize Market Fluctuations

Although overall DEX trading volume has declined from May's high of $6 billion to the current $250-350 million, Solana's DEX ecosystem has not stagnated. Pump.Fun continues to lead the meme coin trend, while SolFi remains dominant in the SOL-USD trading pair. Meta-aggregators like Titan and Kamino Swap are quietly rising, providing better routing through off-chain sources like Pyth's Express Relay. Even with declining trading volume, execution efficiency has improved. These two platforms have enhanced execution efficiency and strategy transparency against the backdrop of trading volume slowdown, becoming important stabilizing forces in the market.

Currently, technical analysis shows SOL is testing the $140 support level. If it breaks below this, it may trigger a pullback to the $123-110 range. If BTC can maintain above $100,000 and international oil prices retreat, Solana still has a chance for a recovery. In this market structure, crypto assets will again be highly correlated with macro factors, from Federal Reserve policies to energy price fluctuations.

Pure market observation, not any investment advice.