Market Overview
The anticipated "Uptober" rally did not materialize, and November has mirrored October's downward trend, with Bitcoin experiencing a 6% loss and dropping to $107,000. This market dip resulted in over $1 billion in liquidations within a 24-hour period. In contrast to the outflows from Bitcoin exchange-traded products, which saw nearly $1 billion in losses, Solana attracted $421 million, primarily driven by new U.S. exchange-traded funds (ETFs). This inflow marks Solana's second-largest on record.
Despite the overall market downturn affecting most altcoins, including Solana and its ecosystem tokens, the SocialFi tool Jelly-My-Jelly (JELLYJELLY) managed to buck the trend with a 132% gain. The total market capitalization of the crypto sector decreased by 14% to $219.5 billion, while trading volume increased by 19% to $25 billion.
Western Union is preparing to launch its dollar-backed stablecoin on the Solana network, aiming to facilitate faster and more cost-effective global money transfers. The stablecoin, known as the U.S. Dollar Payment Token (USDPT) and issued by Anchorage Digital Bank, is slated for release in the first half of 2026. Following this announcement, Western Union moved to secure the trademark for "WUUSD."
Solana also garnered attention by participating in the closing bell ceremony at the New York Stock Exchange.
Solana's Performance
Solana (SOL) experienced a 17% decline, trading at $166. This movement coincided with a drop in the Crypto Fear & Greed Index to 21, signaling extreme fear within the market.
Layer-1 Ranking Update
The top five decentralized finance (DeFi) chains all recorded a decrease in Total Value Locked (TVL). Solana saw a 12% reduction, bringing its TVL to $10.3 billion. Tron experienced a more significant decline, while Ethereum also registered a double-digit percentage drop.
Furthermore, the value of tokenized real-world assets (RWAs) on Solana reached a new all-time high, surpassing $800 million.
Decentralized Finance (DeFi)
Solana's decentralized exchange (DEX) volume saw a 13% increase, with its 30-day cumulative volume reaching $145 billion.
Top Performers and Biggest Losers
Top Performers
- •Jelly-My-Jelly (JELLYJELLY): +146.1%
- •AI Rig Complex (ARC): +96.48%
- •Zerebro (ZEREBRO): +59.8%
- •pippin (PIPPIN): +58.32%
- •Basic Attention Token (BAT): +31.02%
Biggest Losers
- •Wilder World (WILD): -62.03%
- •Bertram the Pomeranian (BERT): -55.73%
- •Collector Crypt (CARDS): -52.74%
- •Hey Anon (ANON): -46.54%
- •TROLL (TROLL): -46.08%
Latest Solana News
Fidelity Fast-Tracks Solana ETF
Fidelity has accelerated its Solana ETF filing process by removing a delaying amendment. This move positions the ETF to become auto-effective in just 20 days, joining other firms like VanEck and Canary Capital in pursuing Solana ETFs, following Bitwise's launch of $BSOL.
HumidiFi Makes a Splash With $WET Launch
Solana DEX HumidiFi is set to debut its highly anticipated WET token. This launch will be the first project to utilize Jupiter's new Decentralized Token Formation platform.
Recommendations
- •Monitor HumidiFi for potential WET airdrop opportunities.
- •Exercise caution in capital management as market pressures intensify.
- •Avoid excessive leverage, especially given the recent liquidations exceeding $1 billion.