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Crypto markets are ending the week on a calm note, with BTC retrieving some of its cash and cash equivalents ahead of next week’s FOMC meeting. Based on this, Solana ecosystem tokens have shown remarkable resilience.
BTC retraced its recent session on Thursday, closing down -1.38%, although it was up nearly 10% from Monday’s $84,000 intraday low. As seen below, the S&P 500 and gold were flat on the day, while the Nasdaq was down -0.14%.
On the big front, Kevin Hassett now appears to be the frontrunner for the Fed Chair, with Polymarket showing his nomination at around 75%. Currently the Director of the National Economic Council and a close ally of Trump, Hassett’s appointment will mark a clear shift in the relationship between the Fed’s policies and the government’s economic policy. As for current Funds, a December rate cut is almost certain with five days to go before the final FOMC meeting of the year, with the CME FedWatch tool giving an 87% chance of a 25 bps cut.
As for the performance of the various sectors, the only three crypto-related indices that were positive on the day were Miners (+6.1%), Solana Eco (+1.8%), and Crypto Equities (+0.9%). Despite Thursday’s explosion, the Miners index is still down 28% in the last 30 days, which makes it the worst after Memecoins (-33%).
Looking at the tokens of the Solana ecosystem, among the top 10 components of our index, CLOUD (Sanctum) was the best performer yesterday (+ 13%). The move comes after Forward Industries launched its Sanctum-powered LST (fwdSOL) earlier this week. Back in May, DeFi Dev Corp. introduced dfdvSOL, also using the Sanctum architecture.
Instead of taking SOL and losing money, LST helps Solana DATCOs get more yield and allocate their money to other DeFi assets to increase yield. By working with Sanctum, DATCOs can easily build and deploy their LSTs to meet their mission of expanding SOL at every stage. Forward Industries Group has installed fwdSOL with ~25% of their SOL inventory (represented by over 1.7 million fwdSOL), resulting in 13.1 million SOL locked in Sanctum LSTs.
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