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<\/p>\n
- \n
- Solana recently announced multiple launches and partnerships.<\/span><\/em><\/li>\n
- Though SOL\u2019s chart was red, a few of the metrics suggested a trend reversal.\u00a0<\/span><\/em><\/li>\n<\/ul>\n
Solana [SOL]<\/a> DeFi\u2019s Total Value Locked (TVL) has fallen sharply over the past year since being at its lowest since February 2021. However,<\/span> Solana\u2019s<\/span> relatively stable TVL has provided some relief to the overall DeFi market.\u00a0<\/span><\/p>\n
\n
\ud83d\udcc9 DeFi TVL Hits a Historic Low ($37.78B): Lowest since February 2021. Not even the FTX and Luna fallout brought it this down.<\/p>\n
Recall, $50B TVL vanished from Anchor Protocol, and $50B credit crisis hit 3AC, BlockFi & Celsius.<\/p>\n
The remaining likely stems from Solana TVL post-FTX\u2026 pic.twitter.com\/P98sCVPEwW<\/a><\/p>\n
\u2014 Crypto Thanos (@CryptoThannos) August 23, 2023<\/a><\/p>\n<\/blockquote>\n
\nIs your portfolio green? Check out the<\/span> SOL Profit Calculator<\/span><\/a>\u00a0\u00a0\u00a0\u00a0\u00a0<\/span><\/p>\n
\nSolana\u2019s contribution in the DeFi market<\/strong><\/h4>\n
The DeFi market TVL has recently fallen to a historic low of $37.78 billion, surpassing even the FTX and Terra episodes. The remaining value likely stemmed from Solana\u2019s TVL post-FTX tumble, combined with retail investors. <\/span>At press time,<\/span> SOL<\/span><\/a> had a TVL of over $1.08 billion.<\/span><\/p>\n
![\"\"](\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/08\/DeFiLlama-SOL-1.jpg\")
<\/a><\/p>\nSource: DeFiLlama<\/p>\n<\/div>\n
However, Solana\u2019s DeFi can help move things along with its latest partnerships and launches. The most notable partnership was with Shopify. <\/span><\/p>\n
Solana Pay\u2019s Shopify integration will allow merchants and entrepreneurs to leverage Web3 payments. This will also allow them to bypass transaction fees and third-party payment processing.<\/span><\/p>\n
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1\/ \ud83d\udecd\ufe0fShopify \ud83e\udd1dSolana Pay<\/p>\n
Today, Solana Pay integrates with @Shopify<\/a>, empowering the millions of entrepreneurs and merchants on Shopify to accept fast, web3 native payments with no transaction fees through the end of 2023. https:\/\/t.co\/q63KeBllXB<\/a><\/p>\n
Learn more \ud83d\udc47 pic.twitter.com\/QEb1LzqS51<\/a><\/p>\n
\u2014 Solana (@solana) August 23, 2023<\/a><\/p>\n<\/blockquote>\n
Another promising launch was the<\/span> Solana<\/span><\/a> ChatGPT plugin. The newly launched plugin makes it easier to monitor wallet balances, understand transactions, or even explore NFTs. <\/span><\/p>\n
On top of that, Membrane Finance brought the first euro stablecoin to Solana. This enables new use cases such as foreign exchange, euro-denominated debit card payments, and blockchain-native value storage. <\/span><\/p>\n
All these developments add much value to the offerings and capabilities of the blockchain, which can reflect on paper in the months to follow.\u00a0<\/span><\/p>\n
\n
Membrane Finance brings the first euro stablecoin to Solana \u2013 along with card payments!<\/p>\n
Today @solana<\/a> goes multi-currency as fully-backed & compliant euros land on the high performance & low fee blockchain.https:\/\/t.co\/k8u8X4Mxtb<\/a><\/p>\n
\u2014 EUROe (@EUROemoney) August 23, 2023<\/a><\/p>\n<\/blockquote>\n
Solana\u2019s investors have concerns<\/strong><\/h4>\n
Though the blockchain boasted potential, SOL\u2019s performance was underwhelming. According to <\/span>CoinMarketCap<\/span><\/a>, SOL was down by more than 5% in just the last 24 hours. At press time, it was trading at $20.62 with a market capitalization of over $8.4 billion, making it the ninth-largest crypto. <\/span><\/p>\n
However, sentiment around the token was high, which was evident from its weighted sentiment and social volume.\u00a0<\/span><\/p>\n
![\"\"](\"image\/svg+xml,%3Csvg%20xmlns=\")
![\"\"](\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/08\/Solana-SOL-13.53.41-25-Aug-2023.png\")
<\/a><\/p>\nSource: Santiment<\/p>\n<\/div>\n
\nRead<\/span> Solana\u2019s [SOL] Price Prediction<\/span><\/a> 2023-24<\/span><\/p>\n
\nMoreover, a few of the metrics looked bullish on<\/span> SOL<\/span><\/a>, which could initiate a trend reversal soon. For instance, Solana\u2019s latest price drop was accompanied by a decline in its Open Interest. <\/span><\/p>\n
A drop in the metric is generally followed by a change in price trends. Therefore, there is a chance of SOL\u2019s price chart turning green in the short term.<\/span><\/p>\n
- Though SOL\u2019s chart was red, a few of the metrics suggested a trend reversal.\u00a0<\/span><\/em><\/li>\n<\/ul>\n
![\"\"](\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/08\/Coinglass-1-1.jpg\")