The data speaks for itself: Solana has lost 68% of its validators since its peak in March 2023. Only 795 active validators remain today. This hemorrhage is explained by the rising operational costs and fierce competition in fees, which makes activity unprofitable for small operators.
The Nakamoto coefficient, a key indicator of decentralization, has also fallen by 35%, from 31 to 20. This means that the network is more vulnerable to a concentration of power!
Paradoxically, despite this decrease, transaction volume remains exceptionally high, nearing 100 million daily. A performance that hides internal tensions over whether SOL is sacrificing decentralization for performance.
LINK: Whale Sales vs. ETF Purchases
Chainlink remains a leader in RWA infrastructure, but faces conflicts. Social sentiment has turned markedly negative. Since January 28, whales have reduced their holdings by approximately 560,000 tokens.
But here the story splits: despite whale sales, spot ETFs continue to buy. Grayscale and Bitwise have recorded accumulated inflows above $73 million.
For now, the price is leaning bearish. LINK has lost a key support near $11.12. If this level is not recovered in a daily close, the chart opens a bearish risk towards $9.10, a potential drop of 17%.
SYRUP: Silent Accumulation in the RWA Market
SYRUP has risen 1.5% in the last 30 days, showing relative strength. On-chain data reinforces the argument: whales have consistently accumulated. From January 26 to 29, their holdings rose from 455.82 million to 461.13 million.
Key levels are $0.33 (support) and $0.37 (resistance). As long as SYRUP remains above $0.33, the structure remains constructive. A daily close above $0.37 would break the triangle resistance and open the way towards $0.48.
