Solana, a big player in crypto, is seeing its transaction fees tank. This has folks worried about its future in a rough market.
Kyle Doops, who hosts Crypto Banter, spilled the beans on X. Daily fees on Solana have nosedived to $639,000. That's an 87% drop from March's all-time high.
It's the lowest in nearly 5 months. Doops reckons it's due to cooling hype and less meme coin action.
"Major meme coins on SOL have taken a beating," Doops said. "It's driving down network activity."
But it's not all doom and gloom. Solana's stablecoin market cap is booming. It's hit $4 billion, the highest since October 2022.
Doops thinks this shows growing trust in Solana. DeFi platforms and wider crypto markets are gobbling up its stablecoins.
Meanwhile, SOL's price has dropped from about $161 to $146. The market's feeling bearish, but some analysts are keeping the faith.
Trader Tardigrade is one of them. They've spotted a bullish Symmetrical Triangle pattern on SOL's weekly chart.
"It's like mid-2021 all over again," Tardigrade said. Back then, SOL rocketed from $30 to $250 after breaking out of a similar pattern.
If history repeats, Tardigrade reckons SOL could hit $1,200. That's a massive jump from its current price.
So, what's the takeaway? Solana's in a weird spot. Fees are down, but stablecoins are up. The price is wobbling, but some see a rally coming.
It's a mixed bag, for sure. But in crypto, things can change fast. Solana's story is far from over.