TLDR

• Zcash Foundation confirmed that the US SEC closed its investigation without taking enforcement action.
• The report stated that the inquiry began after a subpoena issued in August 2023.
• Zcash Foundation said the closure removed regulatory pressure and improved operational clarity.
• The network continued to function smoothly despite internal disruption at Electric Coin Company.
• Blocks were produced consistently, and transactions settled without any interruption.

Zcash Foundation released its Q1 2026 report outlining regulatory updates, network stability, and protocol progress. The report confirmed the closure of a US SEC investigation without enforcement action. Meanwhile, ZEC extended its rebound and traded near $573 during the reporting period.

Zcash Foundation confirms SEC case closure and regulatory clarity

Zcash Foundation stated that the US Securities and Exchange Commission ended its inquiry without enforcement action. The agency initiated the investigation after issuing a subpoena in August 2023.

The foundation said the closure removed regulatory pressure and provided clearer operational direction. It also confirmed that the SEC informed the organization directly about its decision.

Zcash Foundation described the quarter as one of its most consequential operational periods. The report cited governance shifts, infrastructure work, and protocol upgrades across the ecosystem.

The organization noted that regulatory clarity allows continued development without legal uncertainty. It emphasized that ongoing work will proceed under clearer compliance conditions.

Network Stability, Upgrades, and ZEC Price Recovery Continue

Zcash Foundation reported that the network remained stable during internal disruptions at Electric Coin Company. Governance disputes led to the exit of much of ECC’s development team.

Despite these changes, blocks continued production and transactions settled without interruption. The foundation confirmed that user funds and privacy features remained secure.

The report highlighted infrastructure improvements, including new DNS seeders in the US and Europe. It also referenced multiple Zebra updates and two resolved security issues.

Zcash Foundation advanced development of the Z3 stack and continued zcashd deprecation work. It also expanded RPC coverage and progressed FROST tooling development.

The foundation reported average monthly operating costs of $272,539 during the quarter. Total expenses reached $817,618 across Q1.

Its balance sheet showed $36.7 million in liquid assets by March 31. This included 85,412 ZEC valued at $21.2 million at $248.22 per coin.

ZEC traded near $573 at press time, extending gains of more than 160% since late March. The rally followed renewed demand for privacy-focused digital assets.

The report also referenced a prior surge from $74 in October 2025 to above $630. Institutional attention and privacy demand supported that earlier price increase.

Crypto asset manager Bitwise Asset Management expanded its exposure to HYPE after launching its Hyperliquid exchange-traded fund. The firm confirmed plans to allocate 10% of the ETF’s management fees toward direct purchases of HYPE tokens. The move drew greater attention to Hyperliquid’s ecosystem growth and token economics as trading activity accelerated across the decentralized derivatives platform.

Bitwise Adds HYPE Tokens to Corporate Holdings

Bitwise confirmed the treasury allocation shortly after launching its Hyperliquid ETF in the United States. The company stated that the move aligns with Hyperliquid’s community-focused operating structure and long-term ecosystem incentives.

The ETF issuer highlighted Hyperliquid’s revenue model, which directs most protocol income toward token buybacks and burns. Consequently, the firm linked its treasury strategy to the network’s broader effort to strengthen token scarcity and community participation.

Hyperliquid was built different.

As in, 99% of the blockchain’s revenue is used to buy and burn HYPE. It’s a community-first model based on this idea: If the protocol succeeds, the community succeeds.

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In that spirit, we’re pleased to announce that Bitwise will be devoting 10%… pic.twitter.com/gOnaHkZRni

— Bitwise (@Bitwise) May 18, 2026

Bitwise launched the HYPE ETF last week, and the product posted one of the strongest debuts among altcoin ETFs this year. The fund generated $4.31 million in first-day trading volume and attracted notable activity across crypto-focused markets.

The ETF became the second Hyperliquid-linked investment product after 21Shares introduced its own HYPE fund earlier in the week. Both products increased institutional access to the Hyperliquid ecosystem through regulated investment vehicles.

Market data from SoSoValue showed that Hyperliquid ETFs currently manage more than $12 million in combined net assets. Besides that, the products recorded over $5 million in cumulative net inflows during their opening trading sessions.

21Shares controls most of the sector’s assets under management with approximately $11.64 million in holdings. However, Bitwise’s latest treasury decision placed additional attention on the competitive growth among crypto ETF issuers.

Hyperliquid Activity Supports HYPE Market Strength

The HYPE token advanced during the session following Bitwise’s treasury announcement and broader ecosystem developments. CoinMarketCap data showed the token traded near $45 after gaining more than 3% within 24 hours.

Trading activity across Hyperliquid also increased after the platform introduced pre-IPO exposure to SpaceX stock products. Consequently, the development expanded attention toward tokenized real-world asset trading on decentralized derivatives platforms.

Open interest tied to real-world asset trading on Hyperliquid climbed to a record $2.6 billion. The figure doubled compared with levels recorded roughly two months earlier as platform participation accelerated.

Meanwhile, Coinbase strengthened its relationship with Hyperliquid through a USDC treasury deployment partnership. The agreement positioned Coinbase as the official USDC treasury deployer for the derivatives-focused blockchain network.

The partnership added another institutional connection to the Hyperliquid ecosystem while stablecoin activity expanded across decentralized finance markets. In addition, the move supported liquidity growth across perpetual futures trading products on the platform.

Hyperliquid also continued discussions surrounding regulatory clarity for on-chain derivatives trading within the United States market. The platform’s recent expansion efforts arrived as decentralized trading protocols pursued greater compliance visibility and broader institutional participation.

The combined developments supported bullish momentum around HYPE and reinforced demand across the network’s growing derivatives ecosystem. Moreover, ETF launches and treasury allocations increased Hyperliquid’s profile within the expanding crypto investment sector.

21Shares said its Hyperliquid ETF drew more than $5 million in inflows within days of its U.S. launch.

21Shares said early inflows into its Hyperliquid ETF point to investor demand for around-the-clock access to crypto and traditional markets, with the fund pulling in more than $5 million within days of its U.S. debut.

Eli Ndinga, global head of research at 21Shares, argued that Hyperliquid priced the Iran shock 48 hours ahead of traditional venues when the CME was closed, framing the protocol as critical 24/7 infrastructure.

The 21Shares Hyperliquid ETF launched on Nasdaq on May 12 as the first U.S.-listed product tied to HYPE, alongside a 2x leveraged version under the ticker TXXH.

A bet on always-on financial markets

Ndinga said Hyperliquid’s appeal goes beyond crypto, citing trader access to oil, silver and gold markets around the clock. He described the platform as “beyond a crypto story,” framing it as a broader financial innovation story for traditional finance professionals who increasingly recognize the value of always-on infrastructure.

He cited pre-IPO token activity tied to AI chipmaker Cerebras as one example of traders using Hyperliquid to gauge demand before public listings.

Bitwise enters the race within days

The Hyperliquid ETF market is already crowded. Bitwise launched its competing BHYP product on NYSE on May 15, and recently pledged 10% of its management fee toward HYPE token purchases on its balance sheet. Combined inflows into the two products have topped $5.6 million since launch.

Ndinga said 21Shares differentiates itself through experience managing staking-enabled exchange-traded products, relying on third-party staking providers rather than in-house infrastructure to improve transparency and reduce conflicts of interest.

Hyperliquid’s perp dominance keeps growing

Hyperliquid handles roughly $8 billion in daily trading volume and accounts for more than 50% of decentralized perpetual futures open interest, according to figures cited in 21Shares’ launch documents. The protocol generates more than $56 million in monthly trading fees, with over 95% directed toward daily HYPE buybacks.

HYPE traded around $45 on May 18 after reentering a bullish wedge pattern, having recovered more than 100% from January lows near $22. The earlier 21Shares spot product launch generated about $1.8 million in first-day trading volume, with $1.2 million in net inflows.

Regulation remains the bear case

Ndinga identified regulatory scrutiny and rival trading platforms as the main bear-case risks for Hyperliquid. The protocol is not directly available to U.S. users and restricts access in certain jurisdictions to comply with local laws and sanctions requirements.

CME Group and Intercontinental Exchange have urged U.S. regulators to scrutinize Hyperliquid over potential market manipulation and sanctions compliance concerns, citing the influence of decentralized offshore venues on perpetual futures markets.

Ndinga said proposed U.S. crypto legislation, including the CLARITY Act, could eventually provide clearer rules for decentralized trading platforms.

Key Insights

• Geopolitical tensions and trade disputes over semiconductors between the US and China impacted investor sentiment in global markets.
• ETF outflows from Bitcoin indicated reduced risk appetite among institutions amid macroeconomic uncertainty.
• Although volatile, there remain those who still see cryptocurrencies as an alternative to the traditional financial system in the long term.

Sentiment among investors in global financial markets was lower this week due to geopolitical tensions, Bitcoin ETF selling, and the semiconductor trade dispute. Digital assets reflected similar performance to equities and other sectors sensitive to risks as market participants reevaluated their positions in speculative markets.

There was higher volatility within the crypto market as investors took notice of fresh concerns related to geopolitical tensions and strategic economic competition among key nations. Developments in the US, China, Iran, and Taiwan all played a role in contributing to uncertainty in both traditional and digital asset markets.

Geopolitical tensions tend to lead to reduced investor confidence in high-risk markets like cryptocurrency and technology. This resulted in a more defensive strategy among institutional and individual investors.

Market Dynamics under the Influence of Semiconductor Competition

One of the key sources of market uncertainty included semiconductor competition between the United States and China. Investors followed conversations about China’s plans to decrease its dependence on US suppliers and increase domestic production of semiconductors.

Semiconductors continue playing a pivotal role in artificial intelligence infrastructure, cloud computing, automation, and manufacturing. Any disturbance or increased competition in this market often impacts market expectations about future technology leadership and economic development.

Cryptocurrency trader James Wynn brought further attention to this problem in a widely discussed post on X regarding China’s domestic technology development efforts and NVIDIA chips. These statements were perceived by many traders as another example of how the gap between the two largest economies is widening.

LIKE, REPOST, TAG, SHARE ‼️

🇺🇸 Trump confirmed today that China is refusing to buy NVIDIA chips because they are developing their own

This once again confirms that the US has lost the main bargaining card with China 🇨🇳

🇨🇳 China has refused to stop buying oil from Iran🇮🇷…

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— James Wynn (@JamesWynnReal) May 16, 2026

Investors in the technology sector became more cautious as semiconductor-related uncertainty started spreading across the stock market. It was argued that ongoing trade disputes could speed up domestic production and restructure supply chains in the long term.

Increasingly, emphasis on strategic independence and technology self-reliance influenced institutional decisions in high-growth industries such as artificial intelligence and semiconductor-related equities.

Geopolitical Concerns Spark Risk-off Mentality

Market anxieties did not just center around trade disputes; geopolitical matters also played their part in creating pressure for investors. Tensions regarding Taiwan, as well as reports about potential military escalation against Iran, furthered uncertainty in global markets.

Commodity markets, too, were highly sensitive to news related to Iranian oil exports and sanctions. Energy markets are known to react strongly to any form of geopolitical unrest that threatens supply and international relations.

Stock markets also saw heightened volatility, as investors sought safer bets in times of uncertainty. It was reported that close to $900 billion in market value was wiped out over the last few days.

Diplomatic talks between Vladimir Putin and Xi Jinping were also being watched closely by investors due to changing economic allegiances affecting global trade and monetary influence.

Bitcoin ETF Outflows Exert Additional Pressure on Cryptocurrency Market

Cryptocurrencies were impacted by the overall macroeconomic weakness seen in the financial markets as sentiments from institutions deteriorated due to recent volatility. Bitcoin ETF outflows, as well as related investment products from BlackRock, exerted additional pressure on cryptocurrencies.

ETF flows now constitute one of the main indicators used to measure institutional sentiment within the cryptocurrency market. Consistent outflows indicate declining sentiments amongst big investors amid weak macroeconomic conditions.

Bitcoin and other cryptocurrencies usually exhibit more volatile price movements under conditions of increased geopolitical tensions and financial market instability. Traders tend to reduce their exposure to speculative instruments as soon as they face increased volatility in the equity, commodity, and currency markets.

Additional worries arose after the release of information regarding share sales related to investment portfolios belonging to Bill Gates. Portfolio changes conducted by prominent figures tend to affect retail investor psychology amidst market uncertainty.

Despite short-term weakness, cryptocurrencies remain an interesting alternative for investors searching for non-traditional monetary systems. Although volatility is still high, some participants remain convinced that cryptocurrencies can have greater importance in the long term.

AI-powered crypto trading assistant Bankr said it disabled transactions after identifying an attacker who gained access to at least 14 wallets, with users reporting that as much as $150,000 in crypto was drained from some wallets. 

In an X post on Tuesday, Bankr said it was investigating reports that several wallets had been compromised and that transaction activity, including swaps, transfers and deployments, had been disabled “out of caution” while the investigation continues.

“We’ve identified an attacker was able to access 14 Bankr wallets. We’ve temporarily locked things down while we work through the details. We will be reimbursing any and all lost funds. Will provide more updates as we have them,” it added.

Bankr allows users to prompt AI to trade, transfer and launch tokens using plain language rather than a standard wallet interface. It also automatically creates a crypto wallet for every X handle that interacts with its bot. Earlier this year, someone reportedly exploited this feature and tricked Grok into requesting that Bankr launch a token, then drained funds from the token into a wallet they controlled.

Source: Bankr

Crypto hackers have been active in recent months. Bad actors stole more than $168.6 million in crypto in the first quarter. April saw the two largest hacks of the year so far: the $280 million Drift Protocol exploit at the start of the month and the $292 million Kelp exploit. More recently, Verus Protocol’s Ethereum bridge was exploited Monday.

Social engineering attack targeting bot could be to blame

SlowMist founder Yu Xian said the exploit, from Bankrbots’ own reply, was likely a social engineering scheme targeting the AI agent. Three identified attacker addresses collectively hold $440,000 in crypto.

“It was a social engineering exploit targeting the trust layer between automated agents—specifically an interaction between grok and Bankrbot that allowed unauthorized transaction signing,” Xian said.

Source: Yu Xian

“It seems like a combo of social engineering exploits targeting Grok + Bankrbot. Previously, the wallet-related assets allocated by Bankrbot to Grok were also stolen through a similar combo, prompt injection exploitation,” he added.

Don’t sign transactions until further notice: Bankr

Bankr has recommended that users avoid signing transactions until further notice and warned one individual that their seed phrase “is likely in the hands of an attacker.”

Bankr also said anyone with a compromised wallet should stop using it, create a new wallet, generate a new seed phrase on a clean device, move any remaining tokens or nonfungible tokens to the new address and revoke approvals if remaining assets can’t be moved.

Related: Aethir halts bridge exploit, promises compensation after $90K loss 

“Attackers often use existing approvals to drain funds. Check your devices, scan your computer and phone for malware or suspicious browser extensions. If you used a software wallet, the leak likely came from your device,” Bankr added.

Losses could reportedly be up to $150,000 per wallet

Some X users reported that up to $150,000 in crypto had been drained from affected wallets.

Tech entrepreneur Austen Allred said a Bankr wallet connected to his Kelly Claude AI assistant project was among those compromised. The hacker stole Ether (ETH), but none of the project’s memecoin stash was touched. 

Source: Austen Allred

“There’s no evidence anyone other than myself ever logged into the Bankr account; they must have accessed the keys some other way,” Allred added.

Magazine: The legal battle over who can claim DeFi’s stolen millions 

Increased Support From The Senate Spurs On Digital Assets Policy Talks

Talks on digital asset legislation saw new life breathed into them following increased support by the Senate to integrate cryptocurrencies in the mainstream financial market system. Members of Congress continued debating issues related to blockchain infrastructure, institutional involvement, and financial modernization as digital assets began featuring more prominently in economic policy talks.

This recent discussion followed remarks from Senator Cynthia Lummis which have gone viral in crypto circles. These remarks made it clear that the involvement of digital assets in the mainstream financial market system was inevitable despite opposition from traditional banks. Investors considered this a further indication that cryptocurrency regulation had become a political priority in the country.

MASSIVE:

🇺🇸 Senator Lummis just said what every banker fears.

“Digital assets are becoming part of the future financial system. Whether banks embrace them or not.”

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The woman who fought for the CLARITY Act for years.
The woman who pushed it to the finish line.
The woman who… pic.twitter.com/tvYvG2dVLg

— Merlijn The Trader (@MerlijnTrader) May 15, 2026

Key Insights

• Crypto integration backed by the Senate enhanced discussions on regulations of digital assets and development of blockchain infrastructure.
• Financial institutions’ resistance was a key concern as regulators discussed financial innovation and decentralization of finance.
• The involvement of institutions in cryptocurrency markets grew as regulatory clarity became an important policy topic

Banking Opposition Still Plays a Key Role in the Discussion

The issue of traditional banking opposition was still one of the topics that received the most attention in discussions about crypto legislation. According to the reports quoted in market discussions, banking organizations had already invested millions in lobbying against certain crypto policy measures.

These facts only confirmed the image of an existing conflict between decentralized finance and traditional banking infrastructures.

In the past, banks used to raise their voices against crypto assets for reasons related to compliance problems, custody, money laundering risks, and capital exposure. The uncertainty about regulation had also been making many financial companies wary of developing crypto-related businesses.

Institutional Participation Grows in Financial Markets

Institutional integration continued being one of the key themes in the context of the overall cryptocurrency market story. Institutional involvement grew among asset managers, payments companies, trading venues, and custodians as adoption slowly progressed from speculative trading.

The discussion also brought up the name of Brian Armstrong whose firm Coinbase has been actively taking part in talks around crypto market structure and regulation. Cryptocurrency exchanges and infrastructure companies continued advocating for better frameworks that would facilitate institutional participation.

Market participants kept an eye on regulatory developments as legislation often played an important role in building long-term market confidence. Better legislation may help financial firms with compliance issues and encourage institutions to get involved in digital assets.

The bigger picture regarding the market narrative was moving away from the survival of digital assets to questions regarding their timeline of integration. In the eyes of many market players, blockchain technology has become a growing part of future financial systems as opposed to a fleeting fad.

While the debates in the Senate were evolving, it was perceived that political support for digital assets was becoming stronger even with the reluctance of the old guard.

Solana’s native token SOL faced a roughly 15% correction after a rejection near $98 on May 11, with traders watching a potential support retest at around $83 on the following Tuesday. The move comes as perpetual futures funding rates shifted into negative territory, signaling greater appetite for bearish leverage and adding to the pressure from softer on-chain activity. Market data indicate SOL’s funding rate slipped to around -3% on Tuesday, down sharply from +8% just days earlier, underscoring investors’ preference for hedges or short exposure in a choppy price environment. A Friday-to-Tuesday drift kept the market away from sustained bullish leverage, with a note that funding costs tend to settle near neutral levels in calmer conditions. The price action has also intersected with a broader deterioration in Solana’s on-chain usage, compounding concerns about its near-term trajectory.

Key takeaways

• Solana’s perpetual futures funding rate turned negative, suggesting rising demand for short SOL positions as the token traded near resistance.
• Competition from rival networks, particularly Hyperliquid and Base, is intensifying, threatening Solana’s DEX volume and ecosystem revenue share.
• Solana’s DEX activity has declined meaningfully since January, with DApp revenue around $20 million per week and weekly DEX volume near $11 billion, down from prior peaks.
• Solana remains a leading source of DApp revenue, but Ethereum’s broader TVL advantage remains intact, highlighting sectoral competition for user momentum and liquidity.
• Questions persist about on-chain activity quality, including potential MEV-related spoofing on low-cost Solana DApps, underscoring ongoing data-quality and integrity concerns.

Funding dynamics, price action, and what it signals

The price action around SOL has been shaped by a blend of resistance tests and shifting funding costs. After a rejection at around $98 in early May, SOL retraced and briefly tested the low-to-mid $80s, before another pullback. The latest data show a negative perpetual funding rate, with Tuesday readings around -3%—a material swing from the weekend’s +8%—indicating a market skew toward short exposure and a higher cost to hold long positions in neutral to bearish conditions. In practical terms, negative funding rates imply that longs must pay shorts to maintain their leverage, a sign of faltering demand for a sustained bounce rather than a confident upside breakout. The broader price framework, including a move below $90 at the weekend, has reinforced caution around near-term upside catalysts for SOL.

These funding dynamics sit alongside a price thread that has faced a harder environment for bulls to gain traction, as investors weigh on-chain activity and the competitive landscape for Solana’s ecosystem. While SOL’s price strength is often tied to usage and developer traction, the current regime points to a watchful market awaiting a clearer debt-to-equity balance in Solana’s on-chain activity and liquidity flows.

Solana’s ecosystem under pressure: DEX activity and DApp revenue

Defi analytics show a meaningful slowdown in Solana’s DEX and DApp activity since January. Solana’s weekly DApp revenue has stabilized around $20 million, down from roughly $35 million in January. In parallel, total weekly DEX volume on the network sits around $11 billion, compared with about $25 billion per week earlier in the year. The pullback in DApp demand has fed into a softer revenue environment for developers and liquidity providers, even as Solana remains a leading chain for new application launches and trading activity within its ecosystem.

Among the week’s revenue leaders on Solana are Pump, Axiom Pro, Phantom, and Jupiter, collectively accounting for roughly two-thirds of DApp revenue share over a 30-day period. This concentration indicates both a high degree of activity among a core set of applications and continued competition for developer and liquidity incentives in the Solana ecosystem. Although Solana still commands a dominant share of DApp revenue in its class, the broader DeFi layer remains exposed to shifting usage patterns as competitors sharpen their positions.

Competitive dynamics: Hyperliquid, Base, and the liquidity race

Solana’s ecosystem is contending with intensified competition from rival networks leveraging different models to capture DEX volume. Hyperliquid has emerged as a direct threat, particularly through its approach to perpetual contracts and high-throughput trading features that are integrated at or near the consensus layer. On the other hand, Base—an Ethereum Layer 2 network linked to Coinbase—offers tighter integration into the Coinbase ecosystem, positioning it to siphon liquidity that might otherwise flow to Solana’s on-chain venues.

In the broader picture, Solana’s on-chain value metrics show a mixed picture. Solana remains a top blockchain by DApp revenue and retains significant TVL, but it now sits behind Ethereum in total value locked—Ethereum remains the dominant chain with roughly $43.2 billion in TVL, reflecting substantial collateralized lending and staking activity. Among Solana-compatible platforms, Jupiter, Kamino, Sanctum, and Raydium continue to be major DEX and staking DApps, collectively anchoring the network’s TVL around $5.9 billion, well ahead of competing chains like BNB Chain and Base in specific categories but not in the broad TVL race.

Looking at the data through this competitive lens is essential for investors and builders. If Solana can arrest the slide in DEX volumes and re-accelerate DApp usage, its relative position could improve even in a crowded field. Conversely, sustained gains by Hyperliquid and Base could compress Solana’s liquidity and revenue share, making the network’s path forward more dependent on renewed developer activity and strategic incentives to attract traders back to Solana-based venues.

MEV, spoofing concerns, and what to watch next

Solana’s low transaction fees create both opportunities and risks for activity within DApps. Some observers warn that the same cost efficiency that benefits ordinary users also creates a favorable environment for maximal extractable value (MEV) botting and spoofing, potentially inflating on-chain activity without corresponding real user engagement. The pattern has drawn attention from analysts who monitor unusual concentration of activity across certain platforms. For example, a post on X by a market observer highlighted that about 1,600 addresses appeared to account for a disproportionate share of volumes on PreStocks, a synthetic asset market operating on Solana. While such patterns align with arbitrage-like behavior, they also raise questions about whether some activity is genuine trading or volume manipulation. The claim underscores the need for ongoing vigilance over data quality as Solana’s ecosystem scales.

These dynamics matter for investors and builders because the quality of on-chain activity directly informs token economics, network security incentives, and the attractiveness of Solana-based products to developers and traders. As competition intensifies with Base’s Coinbase tie-in and Hyperliquid’s perpetual-focused approach, the next several quarters will be crucial for Solana to demonstrate that growth in DApp usage and DEX volume can outpace a widening field of alternatives.

For readers tracking the data, several sources provide ongoing insight: Laevitas data shows the shifting funding rate terrain for SOL perpetuals, while DefiLlama offers the weekly DApp revenue and TVL figures used to map Solana’s ecosystem health. Observers will want to watch whether SOL’s price reclaims key levels and whether DEX activity rebounds as memecoin trading and other liquidity magnets regain steam.

As the market navigates a landscape of rising competition and evolving on-chain behavior, the coming weeks could reveal whether Solana can stabilize usage or whether the advantage shifts decisively toward rivals like Base and Hyperliquid. Investors should monitor funding-rate signals, DEX volume dynamics, and the quality of on-chain activity to gauge Solana’s path forward.

What’s next to watch: a potential rebound in DEX activity and developer engagement, a clearer trend in on-chain activity quality, and how Base’s Coinbase integration may reshape liquidity flows. The coming data points will help determine if Solana can restore momentum or if the current crosswinds deepen the competitive gap.