The Solana ecosystem is preoccupied with conflicts over narrative control and data reliability, sparked by a public dispute involving the Hyperliquid trading platform and fueled by an unexpected critic: Kyle Samani, a figure long associated with Solana’s growth. Compounding this is a separate, open debate about which decentralized exchange (DEX) metrics investors can actually trust. Beyond the personnel drama, many market participants are monitoring institutional activity. U.S. spot Solana ETFs reported outflows of $12 million last Friday.
From a technical analysis perspective, commentators are noting potential “head-and-shoulders” formations appearing on price charts. A notable discrepancy exists between on-chain activity and market sentiment. Transaction counts are reported to have surged to over 2.6 billion in 30 days. Despite this robust network usage, market mood remains cautious because this dynamic is not clearly reflected in the price action.
Solana’s price currently stands at $84.01, marking a significant decline over the past month. On February 8, Kyle Samani launched a public critique against the Hyperliquid protocol and its founder, Jeff Yan, labeling the project as emblematic of “everything wrong with crypto.” The timing is notable: his departure from Multicoin Capital had been announced just three days prior, on February 5. However, the situation appears less clear-cut when examining on-chain data.
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