Anatoly Yakovenko Faces Criticism Over Community Remarks
Anatoly Yakovenko, co-founder of Solana, faced criticism after calling communities “useless” in a reply to X Head of Product Nikita Bier about a potential X revamp. The remark led to a debate about the role of communities in Solana and broader crypto markets.
Some users saw Yakovenko’s comment as referring only to X’s Communities feature. Others viewed it as a wider dismissal of community-driven involvement in crypto. Developers and Solana users pointed to the importance of communities in supporting network activity and trading volume.
A user responded, “Why does Toly hate the only people propping up Solana’s price?” highlighting the link between meme coin traders and Solana’s on-chain activity.
Jesse Pollak of Base Defends Crypto Communities
Jesse Pollak, creator of Base and an executive at Coinbase, opposed Yakovenko’s statement. Pollak said communities are important for crypto, especially for meme coins that rely on active holder participation.
Pollak noted that meme coin groups use organized platforms to coordinate. He said communities are a key part of user interaction in crypto. Other users agreed, pointing out that most Solana meme coin projects now use X’s community feature instead of Telegram. One comment read,
“Literally every coin on Solana now uses communities instead of Telegram chats, Anatoly,” linking Solana meme coins to structured user groups.
62.4% of Solana Meme Coin Holders Are Long-Term
Dune Analytics data shows that 62.4% of Solana meme coin holders are long-term, defined as “Diamond Hands,” holding their tokens without selling. The remaining 37.6% trade more frequently.
The Solana Net Trade Pulse chart on Dune shows rapid shifts in trading activity for Solana meme coins. The Diamond Hand Share chart indicates that most holders remain steady, even during price changes.
These metrics show that meme coin trading on Solana is tied to community participation. Despite market volatility, long-term holders form a significant part of Solana’s meme coin ecosystem.
Solana Meme Coins Drive On-Chain Activity
Reports show that Solana holders bought $367 million in SOL in one week, even as prices declined. This increase aligns with strong meme coin trading and reflects consistent on-chain activity.
Reactions linked this buying trend to Yakovenko’s comment, with users questioning the timing of his remark. A user wrote,
“It’s crazy to bite the hand that built you,” referring to Solana meme coin traders who maintain network activity.
Dune Analytics data confirms that Solana meme coin trading remains central to its ecosystem. Holder engagement continues through organized trading events and group activity that boost on-chain metrics.
Solana Forms Bullish Flag Pattern on August 4 Chart
The chart dated August 4, 2025, shows Solana (SOL/USD) trading at $162.10 with data from Coinbase. It reveals a bullish flag pattern, characterized by a sharp upward price movement followed by a downward-sloping consolidation phase. This pattern typically signals a continuation of the previous uptrend once price breaks above the consolidation zone.
The chart highlights Solana’s price surge before entering a downward-sloping channel, marked by parallel red trendlines. This aligns with the definition of a bullish flag, where a strong initial rally, known as the flagpole, is followed by a slight retracement forming the flag shape. The 50-period Exponential Moving Average (EMA) at $171.79 also aligns near the upper boundary of the flag, reinforcing the breakout zone.
If Solana confirms a breakout above the flag pattern, it could indicate a 37% price increase from its current level of $162.10. This move would project a target price of approximately $222.87, as shown by the upward arrow on the chart. The breakout would align with the pattern’s measured move, where the flagpole height is added to the breakout point to estimate the target.
Trading volume shows steady activity during the consolidation, which supports the validity of the pattern. A breakout accompanied by higher volume would strengthen the signal for a potential upward continuation. This setup positions Solana for a possible return toward the $222.87 level if market momentum aligns with the bullish flag’s projection.
Sol RSI Shows Signs of Recovery from Oversold Levels
The chart dated August 4, 2025, displays the Relative Strength Index (RSI) for Solana (SOL/USD) on a 14-period setting. The RSI is currently at 36.46, with its moving average line at 30.07. This suggests that Solana is recovering from oversold territory, where RSI levels below 30 often indicate excessive selling pressure.
In the previous sessions, RSI briefly dipped below the 30 mark, entering oversold conditions. This reflects strong selling momentum during Solana’s recent price drop. The subsequent rise above 30 signals a potential shift in momentum, with selling pressure easing and early buying interest emerging.
The RSI’s position remains below the neutral midpoint of 50, which indicates that bearish sentiment has not fully reversed. However, the upward slope of both the RSI line and its moving average suggests improving momentum. This aligns with price stabilization seen in recent trading sessions, hinting that Solana is regaining strength after its recent decline.
If RSI continues trending upward toward the 50 level, it would further confirm recovery from oversold conditions, supporting potential price stabilization or continuation of a rebound phase.