The total lock-up volume has seen a slight increase, rising by 2.57% to reach $4.558 billion. The total market value of cross-chain bridges has increased by 4.33% to reach $24.984 billion. Market participants still have sufficient confidence in the future development of Sol.
The number of active wallets for Sol has grown to 7.96 million, representing a 29.53% increase from the previous day. The vitality of the Sol ecosystem remains strong, as it continues to grow steadily despite recent frequent congestion.
The 24-hour trading volume has significantly decreased, dropping from $26.69 billion on April 5 to $11.92 billion on April 7, marking a decrease of 21.22%. The decrease in liquidity over the weekend is within the normal range of data, affected by reduced activity from the US military and institutions.
The congestion issue has not been significantly alleviated, with the current failure rate still as high as 66%. The team has stated that they will release a patch this week, which is also the reason for the lack of external funds entering the chain, leading to a weakening momentum in the price of SOL.
From a technical perspective, after multiple failed attempts to break through $185 yesterday, the price fell to around $176.9 following the decline in the broader market last night, triggering the buy-in point from yesterday's strategy. Due to the impact of congestion, there is a clear sense of lack of momentum in these days. We can choose to buy at a low point for trend trading and wait for a breakout. Currently, the resistance level remains at $185, with strong support around $172.
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