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Solana’s network activity has taken a hit, leading to a significant drop in transaction fees and a decline in total value locked (TVL) to $8.15 billion from $14.50 billion in mid-January. This decline in on-chain activity has also resulted in a 35% drop in active addresses to 3.8 million. With fewer traders interacting on the network, demand for SOL is dwindling, potentially setting the stage for deeper price corrections.
The recent sell-off in SOL has seen the cryptocurrency plummet to a seven-month low, breaking below the $120 support level with a 10% weekly decline. The unlocking of FTX tokens and the exodus of weak hands from the market have added to the downward pressure on SOL. As a result, no strong demand zones have emerged on Solana’s price chart, increasing the likelihood of further price drops in the near future.
The fading network activity is evident in the steep decline in transaction fees, which hit a six-month low of 53,800 SOL last week, marking an 85% collapse from the peak seen during the TRUMP and MELANIA meme coin frenzy in January. This lack of on-chain activity, coupled with the decrease in active addresses and TVL, paints a bleak picture for SOL’s short-term price outlook.
The recent price action in SOL reflects the broader market sentiment, with the cryptocurrency shedding 55% of its value since mid-January. The sell-side pressure has been exacerbated by $40.75 million in long liquidations, further weighing on SOL’s price. If Bitcoin fails to reclaim critical support levels, SOL could face additional downside pressure, potentially extending losses towards the $100 – $112 range.
Looking ahead, key levels to watch include the $100 support level, which previously acted as a strong demand zone and sparked a rebound to $180 a year ago. However, given the deteriorating network activity and the overall risk-off sentiment in the market, a FOMO-driven recovery seems unlikely at this point. As a result, SOL may be at risk of a deeper drop towards $100, as investors brace for more volatility in the coming days. The Impact of Climate Change on Biodiversity
Climate change is one of the most pressing issues facing our planet today, and its impact on biodiversity is becoming increasingly evident. Biodiversity refers to the variety of life on Earth, including plants, animals, and microorganisms, as well as the ecosystems in which they live. Climate change is causing shifts in temperature and precipitation patterns, which are in turn affecting the distribution and abundance of species worldwide.
One of the most direct impacts of climate change on biodiversity is the loss of habitat. As temperatures rise, many species are finding it increasingly difficult to survive in their traditional habitats. For example, polar bears are losing their sea ice habitat as it melts due to warming temperatures. This loss of habitat can lead to declines in population size and even extinction for some species.
In addition to habitat loss, climate change is also leading to changes in the timing of seasonal events, such as flowering and migration. For example, some bird species are arriving at their breeding grounds earlier in the spring due to warming temperatures. This can disrupt the delicate balance of ecosystems and lead to mismatches between species that rely on each other for survival.
Climate change is also exacerbating other threats to biodiversity, such as habitat destruction, pollution, and overexploitation. For example, rising temperatures can make it easier for invasive species to thrive and outcompete native species for resources. This can lead to a decrease in biodiversity and disrupt the functioning of ecosystems.
To address the impacts of climate change on biodiversity, it is essential that we take action to reduce our carbon emissions and limit global warming. This can be done through measures such as transitioning to renewable energy sources, reducing deforestation, and protecting and restoring natural habitats. In addition, we must work to adapt to the changes that are already occurring by implementing conservation strategies that help species cope with a changing climate.
Ultimately, the preservation of biodiversity is crucial for the health of our planet and the well-being of future generations. By understanding and addressing the impacts of climate change on biodiversity, we can work towards a more sustainable future for all life on Earth.