Solana's price is currently experiencing stagnation, trading at $145.45, a 2.5% decrease from last week, following a month-long rally. Despite this cooling, Solana’s transaction fees have reached an annualized $432.9 million, with a SOL burn rate of $216.5 million. Concerns around the impending FTX liquidation, which involves over 60% of the estate's on-chain assets in SOL, are influencing market sentiment. With creditor repayments scheduled for May 30 funded by previous asset sales, investors remain cautious. While SOL's market cap has dropped to $75.3 billion, trading volume remains strong at $3.49 billion. In contrast, Bitcoin faced challenges due to US GDP data, briefly dipping to $92,910 before rebounding to $94,000. The Solana community recently engaged in discussions to align on future directions, yet this renewed confidence has yet to translate into price movements as uncertainties about the market's reaction to the FTX overhang persist. Analysts suggest that clarities on upcoming market questions will dictate future price movements, as conditions remain under a cloud of speculation.

Source 🔗