Sau m&#7897;t n&#259;m t&#259;ng tr&#432;&#7903;ng &#7845;n t&#432;&#7907;ng trong n&#259;m 2024 v&agrave; sau &#273;&oacute; l&agrave; m&#7913;c gi&#7843;m 60% &#7903; s&#7889; &#273;&#7883;a ch&#7881; ho&#7841;t &#273;&#7897;ng h&#7857;ng ng&agrave;y tr&ecirc;n m&#7841;ng l&#432;&#7899;i, Solana &#273;ang &#273;&#7889;i m&#7863;t v&#7899;i m&#7897;t trong nh&#7919;ng giai &#273;o&#7841;n bi&#7871;n &#273;&#7897;ng m&#7841;nh nh&#7845;t k&#7875; t&#7915; khi v&#432;&#417;n l&ecirc;n nh&oacute;m blockchain h&agrave;ng &#273;&#7847;u.
Hi&#7879;n t&#7841;i, tin &#273;&#7891;n v&#7873; m&#7897;t th&#7887;a thu&#7853;n tr&#7883; gi&aacute; 50 tri&#7879;u USD v&#7899;i Western Union cho h&#7907;p t&aacute;c k&eacute;o d&agrave;i s&aacute;u th&aacute;ng &#273;ang khi&#7871;n c&#7897;ng &#273;&#7891;ng chia r&#7869;. &#272;&acirc;y l&agrave; b&#432;&#7899;c &#273;i chi&#7871;n l&#432;&#7907;c &#273;&#7875; m&#7903; r&#7897;ng &#7913;ng d&#7909;ng thanh to&aacute;n ngo&agrave;i &#273;&#7901;i th&#7921;c &mdash; hay ch&#7881; l&agrave; m&#7897;t chi&#7871;n d&#7883;ch PR t&#7889;n k&eacute;m trong b&#7889;i c&#7843;nh ho&#7841;t &#273;&#7897;ng on-chain c&#7911;a Solana &#273;ang h&#7841; nhi&#7879;t?
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-the-reality-behind-the-60-decline-what-is-solana-losing">S&#7921; th&#7853;t &#273;&#7857;ng sau m&#7913;c gi&#7843;m 60%: Solana &#273;ang m&#7845;t g&igrave;?</h2>

V&#7873; m&#7863;t k&#7929; thu&#7853;t, m&#7913;c gi&#7843;m 60% &#7903; ng&#432;&#7901;i d&ugrave;ng ho&#7841;t &#273;&#7897;ng h&#7857;ng ng&agrave;y kh&ocirc;ng ch&#7881; l&agrave; m&#7897;t con s&#7889; th&#7889;ng k&ecirc;; n&oacute; b&aacute;o hi&#7879;u nh&#7919;ng v&#7845;n &#273;&#7873; c&#7845;u tr&uacute;c s&acirc;u h&#417;n. &#272;&agrave; suy gi&#7843;m c&oacute; th&#7875; b&#7855;t ngu&#7891;n t&#7915; ph&iacute; t&#259;ng cao khi m&#7841;ng t&#7855;c ngh&#7869;n, tr&#7843;i nghi&#7879;m v&iacute; c&ograve;n r&#432;&#7901;m r&agrave;, v&agrave; c&aacute;c cu&#7897;c t&#7845;n c&ocirc;ng MEV (<a href="https://beincrypto.com/learn/maximal-extractable-value-mev/" target="_blank" rel="noreferrer noopener">Maximal Extractable Value</a>) ng&agrave;y c&agrave;ng hung h&#259;ng nh&#7855;m v&agrave;o ng&#432;&#7901;i d&ugrave;ng nh&#7887; l&#7867;.
<img style="height:400px;width:640px;" decoding="async" alt="Solana daily active addresses. Source: X" class="wp-image-767048 lazy" loading="lazy" src="https://assets.beincrypto.com/img/HJw204ziziVWPmNqrZ_evfuiZlw=/smart/5dc45bfbbe614dbf8033074d32adda9e">S&#7889; &#273;&#7883;a ch&#7881; ho&#7841;t &#273;&#7897;ng h&#7857;ng ng&agrave;y tr&ecirc;n Solana. Ngu&#7891;n: <a href="https://x.com/hosseeb/status/1983560017073799529/photo/1">X</a>

Theo Haseeb, s&#7921; suy gi&#7843;m n&agrave;y c&#361;ng c&oacute; th&#7875; li&ecirc;n quan &#273;&#7871;n <a href="https://beincrypto.com/learn/what-is-solana/" target="_blank" rel="noreferrer noopener">Solana</a> v&agrave; <a href="https://vn.beincrypto.com/memecoin-mindshare-collapses-2025/" target="_blank" rel="noreferrer noopener">c&#417;n s&#7889;t meme coin</a> &#273;ang phai nh&#7841;t. S&#7889; ng&#432;&#7901;i d&ugrave;ng ho&#7841;t &#273;&#7897;ng h&#7857;ng ng&agrave;y tr&ecirc;n <a href="https://beincrypto.com/learn/what-is-pump-fun/" target="_blank" rel="noreferrer noopener">Pump.fun</a> (PUMP), t&#7915;ng l&agrave; trung t&acirc;m c&#7911;a l&agrave;n s&oacute;ng meme coin tr&ecirc;n Solana, &#273;&atilde; gi&#7843;m v&#7873; kho&#7843;ng 120,000.
<img style="height:400px;width:640px;" decoding="async" alt="Pump.fun daily active user. Source: X" class="wp-image-767049 lazy" loading="lazy" src="https://assets.beincrypto.com/img/JtAXWHpGsgqdLNO5Vg9v0vSJN2w=/smart/5fb2110d67334c7ebcb60bca0cf4300f">S&#7889; ng&#432;&#7901;i d&ugrave;ng ho&#7841;t &#273;&#7897;ng h&#7857;ng ng&agrave;y tr&ecirc;n Pump.fun. Ngu&#7891;n: <a href="https://x.com/hosseeb/status/1983560017073799529/photo/2">X</a>

Trong b&#7889;i c&#7843;nh &#273;&oacute;, m&#7897;t s&#7889; ng&#432;&#7901;i d&ugrave;ng <a href="https://x.com/raopreetam_/status/1983575743641895075" target="_blank" rel="noreferrer noopener">cho r&#7857;ng</a> s&#7913;c m&#7841;nh gi&aacute; g&#7847;n &#273;&acirc;y c&#7911;a SOL ch&#7911; y&#7871;u do bot &#273;&#7849;y l&ecirc;n ch&#7913; kh&ocirc;ng ph&#7843;n &aacute;nh t&#259;ng tr&#432;&#7903;ng th&#7921;c c&#7911;a m&#7841;ng l&#432;&#7899;i. Theo h&#7885;, Solana &#273;ang &ldquo;s&#7889;ng nh&#7901; hype&rdquo; v&agrave; c&oacute; th&#7875; m&#7845;t &#273;&agrave; khi d&#7919; li&#7879;u s&#7917; d&#7909;ng th&#7921;c t&#7871; &#273;&#432;&#7907;c c&ocirc;ng b&#7889;. Haseeb ph&#7847;n n&agrave;o &#273;&#7891;ng &yacute;, nh&#432;ng v&#7851;n l&#7841;c quan v&#7873; s&#7921; chuy&#7875;n d&#7883;ch d&agrave;i h&#7841;n.
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&ldquo;Solana &#273;ang chuy&#7875;n t&#7915; vi&#7879;c t&#7853;p trung v&agrave;o memecoin sang ch&uacute; tr&#7885;ng nhi&#7873;u h&#417;n v&agrave;o DeFi gi&#7889;ng nh&#432; c&aacute;c chain th&agrave;nh c&ocirc;ng kh&aacute;c. M&#7897;t qu&aacute; tr&igrave;nh chuy&#7875;n &#273;&#7893;i l&agrave;nh m&#7841;nh.&rdquo; Haseeb <a href="https://x.com/hosseeb/status/1983576757832970315" target="_blank" rel="noreferrer noopener">b&igrave;nh lu&#7853;n</a>.
</blockquote>

D&ugrave; v&#7853;y, m&#7897;t ph&acirc;n t&iacute;ch kh&aacute;c tr&ecirc;n X nh&#7845;n m&#7841;nh s&#7921; gia t&#259;ng c&#7911;a <a href="https://beincrypto.com/learn/sandwich-attacks-explained/" target="_blank" rel="noreferrer noopener">t&#7845;n c&ocirc;ng sandwich</a> tr&ecirc;n Solana &mdash; m&#7897;t d&#7841;ng khai th&aacute;c MEV khi bot &ldquo;&#273;i tr&#432;&#7899;c&rdquo; l&#7879;nh, thao t&uacute;ng gi&aacute; v&agrave; &ldquo;&#259;n&rdquo; ph&#7847;n tr&#432;&#7907;t gi&aacute; c&#7911;a ng&#432;&#7901;i d&ugrave;ng. &#272;i&#7873;u n&agrave;y b&agrave;o m&ograve;n ni&#7873;m tin v&agrave; t&#7841;o c&#7843;m gi&aacute;c m&#7841;ng l&#432;&#7899;i &#432;u &aacute;i c&aacute;c t&aacute;c nh&acirc;n tinh vi h&#417;n l&agrave; ng&#432;&#7901;i d&ugrave;ng ph&#7893; th&ocirc;ng. V&#7899;i Solana, kh&ocirc;i ph&#7909;c ni&#7873;m tin c&#7911;a ng&#432;&#7901;i d&ugrave;ng nh&#7887; l&#7867; l&uacute;c n&agrave;y quan tr&#7885;ng kh&ocirc;ng k&eacute;m l&#7897; tr&igrave;nh k&#7929; thu&#7853;t.
<img style="height:400px;width:640px;" decoding="async" alt="Sandwich attacks on Solana. Source: X" class="wp-image-767050 lazy" loading="lazy" src="https://assets.beincrypto.com/img/TcXKObqjvXMV84gtJ-rOMPfEEKk=/smart/5e63aff3eae6416fbc8351e8e8ddb0d3">C&aacute;c cu&#7897;c t&#7845;n c&ocirc;ng sandwich tr&ecirc;n Solana. Ngu&#7891;n: <a href="https://x.com/ItsDave_ADA/status/1983476551510282259/photo/1">X</a>

<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-the-50m-solana-western-union-deal-strategic-leap-or-mistimed-move">Th&#7887;a thu&#7853;n Solana Western Union tr&#7883; gi&aacute; 50 tri&#7879;u USD: b&#432;&#7899;c &#273;i chi&#7871;n l&#432;&#7907;c hay &#273;&#7897;ng th&aacute;i sai th&#7901;i &#273;i&#7875;m?</h2>

&#272;i&#7875;m n&oacute;ng m&#7899;i nh&#7845;t c&#7911;a c&#7897;ng &#273;&#7891;ng l&agrave; th&#7887;a thu&#7853;n gi&#7919;a Solana v&agrave; Western Union tr&#7883; gi&aacute; 50 tri&#7879;u USD, &#273;&#432;&#7907;c cho l&agrave; chia th&agrave;nh 25 tri&#7879;u USD ti&#7873;n m&#7863;t v&agrave; 25 tri&#7879;u USD &#432;u &#273;&atilde;i thanh kho&#7843;n trong s&aacute;u th&aacute;ng. M&#7897;t s&#7889; ng&#432;&#7901;i quan s&aacute;t g&#7885;i &#273;&acirc;y l&agrave; &ldquo;canh b&#7841;c marketing&rdquo;, b&#7903;i Western Union &mdash; m&#7897;t &ocirc;ng l&#7899;n t&agrave;i ch&iacute;nh l&acirc;u &#273;&#7901;i &mdash; trong m&#7855;t nhi&#7873;u ng&#432;&#7901;i trong gi&#7899;i crypto ch&#7881; c&ograve;n l&agrave; t&agrave;n t&iacute;ch &#273;ang phai nh&#7841;t c&#7911;a t&agrave;i ch&iacute;nh t&#7853;p trung.
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&ldquo;Western Union l&agrave; m&#7897;t k&#7867; s&#259;n m&#7891;i t&#7853;p trung &#273;ang d&#7847;n l&#7909;i t&agrave;n, m&#7897;t &lsquo;kh&#7911;ng long&rsquo; x&acirc;y &#273;&#7871; ch&#7871; tr&ecirc;n s&#7921; ma s&aacute;t v&agrave; c&aacute;c m&#7913;c ph&iacute; c&#7855;t c&#7893;; ch&uacute;ng ta kh&ocirc;ng d&agrave;nh c&#7843; th&#7853;p k&#7927; x&acirc;y h&#7841; t&#7847;ng t&agrave;i ch&iacute;nh onchain ch&#7881; &#273;&#7875; giao l&#7841;i ch&igrave;a kh&oacute;a cho h&#7885;.&rdquo; M&#7897;t ng&#432;&#7901;i d&ugrave;ng <a href="https://x.com/panosmek/status/1983576015457620207" target="_blank" rel="noreferrer noopener">b&igrave;nh lu&#7853;n</a>.
</blockquote>

Nh&#7919;ng ng&#432;&#7901;i kh&aacute;c th&#7853;m ch&iacute; d&#7921; &#273;o&aacute;n <a href="https://x.com/xrpmickle/status/1983369208810614938" target="_blank" rel="noreferrer noopener">Western Union c&oacute; th&#7875; ph&aacute; s&#7843;n</a> tr&#432;&#7899;c khi mang l&#7841;i b&#7845;t k&#7923; kh&#7889;i l&#432;&#7907;ng giao d&#7883;ch &#273;&aacute;ng k&#7875; n&agrave;o tr&ecirc;n Solana, ph&#7843;n &aacute;nh s&#7921; ho&agrave;i nghi c&#7911;a c&#7897;ng &#273;&#7891;ng crypto &#273;&#7889;i v&#7899;i c&aacute;c t&#7893; ch&#7913;c truy&#7873;n th&#7889;ng tham gia blockchain.
Tuy v&#7853;y, m&#7897;t s&#7889; nh&agrave; ph&acirc;n t&iacute;ch l&#7841;i nh&igrave;n nh&#7853;n c&acirc;n b&#7857;ng h&#417;n. Nh&#432; Ryan ch&#7881; ra, h&#7879; sinh th&aacute;i n&agrave;o c&#361;ng ph&#7843;i chi v&#7889;n &#273;&#7875; k&iacute;ch ho&#7841;t quan h&#7879; &#273;&#7889;i t&aacute;c, m&#7903; r&#7897;ng t&#7853;p ng&#432;&#7901;i d&ugrave;ng v&agrave; t&#259;ng &#273;&#7897; hi&#7879;n di&#7879;n.
Nh&igrave;n &#7903; g&oacute;c &#273;&#7897; &#273;&oacute;, th&#7887;a thu&#7853;n gi&#7919;a Solana v&agrave; Western Union c&oacute; th&#7875; l&agrave; n&#432;&#7899;c c&#7901; t&iacute;nh to&aacute;n, nh&#7845;t l&agrave; khi <a href="https://www.sec.gov/Archives/edgar/data/2063380/000119312525256647/d941170ds1a.htm" target="_blank" rel="noreferrer noopener">Fidelity v&#7915;a n&#7897;p b&#7843;n S-1/A cu&#7889;i c&ugrave;ng</a> l&ecirc;n SEC cho m&#7897;t <a href="https://vn.beincrypto.com/solana-and-hbar-etfs-will-begin-trading-tomorrow/" target="_blank" rel="noreferrer noopener">Solana ETF</a>, cho th&#7845;y s&#7921; quan t&acirc;m ng&agrave;y c&agrave;ng l&#7899;n t&#7915; c&aacute;c t&#7893; ch&#7913;c &#273;&#7889;i v&#7899;i m&#7841;ng l&#432;&#7899;i. H&#7907;p t&aacute;c v&#7899;i m&#7897;t th&#432;&#417;ng hi&#7879;u thanh to&aacute;n &#273;&#432;&#7907;c c&ocirc;ng nh&#7853;n to&agrave;n c&#7847;u c&oacute; th&#7875; gi&uacute;p Solana t&#259;ng t&iacute;nh ch&iacute;nh danh tr&#432;&#7899;c kh&#7843; n&#259;ng ETF &#273;&#432;&#7907;c ph&ecirc; duy&#7879;t v&agrave; &#273;&oacute;n nh&#7853;n c&aacute;c d&ograve;ng v&#7889;n trong t&#432;&#417;ng lai.
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&ldquo;C&#7843; c&acirc;u chuy&#7879;n &lsquo;Solana tr&#7843; ti&#7873;n cho Western Union&rsquo; th&#7853;t nh&agrave;m ch&aacute;n. C&aacute;c qu&#7929;/t&#7893; ch&#7913;c &#273;&#7913;ng sau d&#7921; &aacute;n c&oacute; ng&acirc;n qu&#7929; &#273;&#7875; k&iacute;ch ho&#7841;t &#273;&#7889;i t&aacute;c trong m&#7841;ng l&#432;&#7899;i c&#7911;a h&#7885;. B&#7841;n kh&ocirc;ng bi&#7871;t c&aacute;c &#273;&#7847;u ra cam k&#7871;t l&agrave; g&igrave; n&ecirc;n kh&ocirc;ng th&#7875; &#273;o l&#432;&#7901;ng ROI c&#7911;a nh&#7919;ng th&#7887;a thu&#7853;n n&agrave;y. N&oacute;i th&#7853;t nh&eacute;: m&#7885;i h&#7879; sinh th&aacute;i &#273;&#7873;u &#273;ang c&#7841;nh tranh v&agrave; chi ti&#7873;n.&rdquo; Nh&agrave; ph&acirc;n t&iacute;ch <a href="https://x.com/Fwiz/status/1983552451354808610" target="_blank" rel="noreferrer noopener">chia s&#7867;</a>.
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D&ugrave; v&#7853;y, c&acirc;u h&#7887;i c&#7889;t l&otilde;i v&#7851;n c&ograve;n: Th&#7887;a thu&#7853;n n&agrave;y c&oacute; mang l&#7841;i ng&#432;&#7901;i d&ugrave;ng th&#7853;t v&agrave; kh&#7889;i l&#432;&#7907;ng b&#7873;n v&#7919;ng kh&ocirc;ng? Gi&#7843; s&#7917; n&oacute; ch&#7881; d&#7915;ng &#7903; m&#7897;t chi&#7871;n d&#7883;ch PR m&agrave; kh&ocirc;ng t&#7841;o &#273;&#432;&#7907;c s&#7913;c h&uacute;t on-chain c&oacute; th&#7875; &#273;o l&#432;&#7901;ng, v&#7845;n &#273;&#7873; tr&#7885;ng y&#7871;u c&#7911;a Solana &mdash; m&#7913;c &#273;&#7897; t&#432;&#417;ng t&aacute;c ng&#432;&#7901;i d&ugrave;ng &#273;ang thu h&#7865;p &mdash; s&#7869; ti&#7871;p di&#7877;n, khi&#7871;n d&#7921; &aacute;n &#273;&#7889;i m&#7863;t c&#7841;nh tranh t&#7915; c&aacute;c blockchain m&#7899;i, t&#259;ng tr&#432;&#7903;ng nhanh nh&#432; Sui, Aptos v&agrave; Base.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-technical-momentum-and-the-crossroads-ahead">&#272;&#7897;ng l&#432;&#7907;ng k&#7929; thu&#7853;t v&agrave; ng&atilde; r&#7869; ph&iacute;a tr&#432;&#7899;c</h2>

T&#7915; g&oacute;c &#273;&#7897; ph&acirc;n t&iacute;ch k&#7929; thu&#7853;t, SOL v&#7851;n mang c&#7845;u tr&uacute;c t&#259;ng gi&aacute; trong trung h&#7841;n. M&#7897;t s&#7889; nh&agrave; ph&acirc;n t&iacute;ch nh&#7853;n th&#7845;y bi&#7875;u &#273;&#7891; c&#7911;a Solana gi&#7889;ng v&#7899;i <a href="https://x.com/misterrcrypto/status/1983590711443259663/photo/1" target="_blank" rel="noreferrer noopener">thi&#7871;t l&#7853;p &#7903; Q4 2023</a>, v&#7899;i h&#7895; tr&#7907; m&#7841;nh quanh 194 USD v&agrave; d&#432; &#273;&#7883;a t&#259;ng h&#432;&#7899;ng &#273;&#7871;n 295&ndash;400 USD n&#7871;u xu h&#432;&#7899;ng &#273;&#432;&#7907;c gi&#7919; v&#7919;ng. Vi&#7879;c &#273;&#432;a Solana v&agrave;o danh m&#7909;c ETF c&#7911;a c&aacute;c t&#7893; ch&#7913;c c&oacute; th&#7875; ti&#7871;p t&#7909;c c&#7911;ng c&#7889; t&acirc;m l&yacute; v&agrave; thanh kho&#7843;n.
<img style="height:400px;width:640px;" decoding="async" alt="Ph&acirc;n t&iacute;ch SOL. Ngu&#7891;n: X" class="wp-image-767051 lazy" loading="lazy" src="https://assets.beincrypto.com/img/v4v2aaPFx30Be7lwYEqAzqopt-c=/smart/b18a7c9710b544cb9ce5d46e731c454b">Ph&acirc;n t&iacute;ch SOL. Ngu&#7891;n: <a href="https://x.com/NekozTek/status/1983496620147646639/photo/1">X</a>

Tuy nhi&ecirc;n, &#273;&#7857;ng sau nh&#7919;ng c&acirc;u chuy&#7879;n mang s&#7855;c th&aacute;i t&#259;ng gi&aacute; l&agrave; m&#7897;t s&#7921; th&#7853;t kh&#7855;c nghi&#7879;t h&#417;n. Solana &#273;ang &#7903; ng&atilde; r&#7869; &mdash; c&acirc;n b&#7857;ng gi&#7919;a c&aacute;c th&#7887;a thu&#7853;n h&#7907;p t&aacute;c l&#7899;n nh&#432; Western Union v&#7899;i th&#7921;c t&#7871; l&#432;&#7907;ng ng&#432;&#7901;i d&ugrave;ng t&#7921; nhi&ecirc;n suy gi&#7843;m. Giai &#273;o&#7841;n ti&#7871;p theo c&#7911;a blockchain n&agrave;y s&#7869; ph&#7909; thu&#7897;c v&agrave;o vi&#7879;c li&#7879;u d&#7921; &aacute;n c&oacute; th&#7875; bi&#7871;n s&#7921; ch&uacute; &yacute; th&agrave;nh m&#7913;c &#273;&#7897; ch&#7845;p nh&#7853;n b&#7873;n v&#7919;ng, thu h&uacute;t ho&#7841;t &#273;&#7897;ng th&#7921;c s&#7921; t&#7915; nh&agrave; &#273;&#7847;u t&#432; nh&#7887; l&#7867; v&agrave; c&#7911;ng c&#7889; ni&#7873;m tin v&agrave;o h&#7879; sinh th&aacute;i hay kh&ocirc;ng.

Đợt airdrop cho người dùng của Solana song hành với khoản đặt cược 50M USD từ Western Union: nước đi mở rộng người dùng táo bạo hay màn PR tốn kém?

Sau m&#7897;t n&#259;m t&#259;ng tr&#432;&#7903;ng &#7845;n t&#432;&#7907;ng trong n&#259;m 2024 v&agrave; sau &#273;&oacute; l&agrave; m&#7913;c gi&#7843;m 60% &#7903; s&#7889; &#273;&#7883;a ch&#7881; ho&#7841;t &#273;&#7897;ng h&#7857;ng ng&agrave;y tr&ecirc;n m&#7841;ng l&#432;&#7899;i, Solana &#273;ang &#273;&#7889;i m&#7863;t v&#7899;i m&#7897;t trong nh&#7919;ng giai &#273;o&#7841;n bi&#7871;n &#273;&#7897;ng m&#7841;nh nh&#7845;t k&#7875; t&#7915; khi v&#432;&#417;n l&ecirc;n nh&oacute;m blockchain h&agrave;ng &#273;&#7847;u.
Hi&#7879;n t&#7841;i, tin &#273;&#7891;n v&#7873; m&#7897;t th&#7887;a thu&#7853;n tr&#7883; gi&aacute; 50 tri&#7879;u USD v&#7899;i Western Union cho h&#7907;p t&aacute;c k&eacute;o d&agrave;i s&aacute;u th&aacute;ng &#273;ang khi&#7871;n c&#7897;ng &#273;&#7891;ng chia r&#7869;. &#272;&acirc;y l&agrave; b&#432;&#7899;c &#273;i chi&#7871;n l&#432;&#7907;c &#273;&#7875; m&#7903; r&#7897;ng &#7913;ng d&#7909;ng thanh to&aacute;n ngo&agrave;i &#273;&#7901;i th&#7921;c &mdash; hay ch&#7881; l&agrave; m&#7897;t chi&#7871;n d&#7883;ch PR t&#7889;n k&eacute;m trong b&#7889;i c&#7843;nh ho&#7841;t &#273;&#7897;ng on-chain c&#7911;a Solana &#273;ang h&#7841; nhi&#7879;t?
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-the-reality-behind-the-60-decline-what-is-solana-losing">S&#7921; th&#7853;t &#273;&#7857;ng sau m&#7913;c gi&#7843;m 60%: Solana &#273;ang m&#7845;t g&igrave;?</h2>

V&#7873; m&#7863;t k&#7929; thu&#7853;t, m&#7913;c gi&#7843;m 60% &#7903; ng&#432;&#7901;i d&ugrave;ng ho&#7841;t &#273;&#7897;ng h&#7857;ng ng&agrave;y kh&ocirc;ng ch&#7881; l&agrave; m&#7897;t con s&#7889; th&#7889;ng k&ecirc;; n&oacute; b&aacute;o hi&#7879;u nh&#7919;ng v&#7845;n &#273;&#7873; c&#7845;u tr&uacute;c s&acirc;u h&#417;n. &#272;&agrave; suy gi&#7843;m c&oacute; th&#7875; b&#7855;t ngu&#7891;n t&#7915; ph&iacute; t&#259;ng cao khi m&#7841;ng t&#7855;c ngh&#7869;n, tr&#7843;i nghi&#7879;m v&iacute; c&ograve;n r&#432;&#7901;m r&agrave;, v&agrave; c&aacute;c cu&#7897;c t&#7845;n c&ocirc;ng MEV (<a href="https://beincrypto.com/learn/maximal-extractable-value-mev/" target="_blank" rel="noreferrer noopener">Maximal Extractable Value</a>) ng&agrave;y c&agrave;ng hung h&#259;ng nh&#7855;m v&agrave;o ng&#432;&#7901;i d&ugrave;ng nh&#7887; l&#7867;.
<img style="height:400px;width:640px;"decoding="async" alt="Solana daily active addresses. Source: X" class="wp-image-767048 lazy" loading="lazy" src="https://assets.beincrypto.com/img/HJw204ziziVWPmNqrZ_evfuiZlw=/smart/5dc45bfbbe614dbf8033074d32adda9e">S&#7889; &#273;&#7883;a ch&#7881; ho&#7841;t &#273;&#7897;ng h&#7857;ng ng&agrave;y tr&ecirc;n Solana. Ngu&#7891;n: <a href="https://x.com/hosseeb/status/1983560017073799529/photo/1">X</a>

Theo Haseeb, s&#7921; suy gi&#7843;m n&agrave;y c&#361;ng c&oacute; th&#7875; li&ecirc;n quan &#273;&#7871;n <a href="https://beincrypto.com/learn/what-is-solana/" target="_blank" rel="noreferrer noopener">Solana</a> v&agrave; <a href="https://vn.beincrypto.com/memecoin-mindshare-collapses-2025/" target="_blank" rel="noreferrer noopener">c&#417;n s&#7889;t meme coin</a> &#273;ang phai nh&#7841;t. S&#7889; ng&#432;&#7901;i d&ugrave;ng ho&#7841;t &#273;&#7897;ng h&#7857;ng ng&agrave;y tr&ecirc;n <a href="https://beincrypto.com/learn/what-is-pump-fun/" target="_blank" rel="noreferrer noopener">Pump.fun</a> (PUMP), t&#7915;ng l&agrave; trung t&acirc;m c&#7911;a l&agrave;n s&oacute;ng meme coin tr&ecirc;n Solana, &#273;&atilde; gi&#7843;m v&#7873; kho&#7843;ng 120,000.
<img style="height:400px;width:640px;"decoding="async" alt="Pump.fun daily active user. Source: X" class="wp-image-767049 lazy" loading="lazy" src="https://assets.beincrypto.com/img/JtAXWHpGsgqdLNO5Vg9v0vSJN2w=/smart/5fb2110d67334c7ebcb60bca0cf4300f">S&#7889; ng&#432;&#7901;i d&ugrave;ng ho&#7841;t &#273;&#7897;ng h&#7857;ng ng&agrave;y tr&ecirc;n Pump.fun. Ngu&#7891;n: <a href="https://x.com/hosseeb/status/1983560017073799529/photo/2">X</a>

Trong b&#7889;i c&#7843;nh &#273;&oacute;, m&#7897;t s&#7889; ng&#432;&#7901;i d&ugrave;ng <a href="https://x.com/raopreetam_/status/1983575743641895075" target="_blank" rel="noreferrer noopener">cho r&#7857;ng</a> s&#7913;c m&#7841;nh gi&aacute; g&#7847;n &#273;&acirc;y c&#7911;a SOL ch&#7911; y&#7871;u do bot &#273;&#7849;y l&ecirc;n ch&#7913; kh&ocirc;ng ph&#7843;n &aacute;nh t&#259;ng tr&#432;&#7903;ng th&#7921;c c&#7911;a m&#7841;ng l&#432;&#7899;i. Theo h&#7885;, Solana &#273;ang &ldquo;s&#7889;ng nh&#7901; hype&rdquo; v&agrave; c&oacute; th&#7875; m&#7845;t &#273;&agrave; khi d&#7919; li&#7879;u s&#7917; d&#7909;ng th&#7921;c t&#7871; &#273;&#432;&#7907;c c&ocirc;ng b&#7889;. Haseeb ph&#7847;n n&agrave;o &#273;&#7891;ng &yacute;, nh&#432;ng v&#7851;n l&#7841;c quan v&#7873; s&#7921; chuy&#7875;n d&#7883;ch d&agrave;i h&#7841;n.
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&ldquo;Solana &#273;ang chuy&#7875;n t&#7915; vi&#7879;c t&#7853;p trung v&agrave;o memecoin sang ch&uacute; tr&#7885;ng nhi&#7873;u h&#417;n v&agrave;o DeFi gi&#7889;ng nh&#432; c&aacute;c chain th&agrave;nh c&ocirc;ng kh&aacute;c. M&#7897;t qu&aacute; tr&igrave;nh chuy&#7875;n &#273;&#7893;i l&agrave;nh m&#7841;nh.&rdquo; Haseeb <a href="https://x.com/hosseeb/status/1983576757832970315" target="_blank" rel="noreferrer noopener">b&igrave;nh lu&#7853;n</a>.
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D&ugrave; v&#7853;y, m&#7897;t ph&acirc;n t&iacute;ch kh&aacute;c tr&ecirc;n X nh&#7845;n m&#7841;nh s&#7921; gia t&#259;ng c&#7911;a <a href="https://beincrypto.com/learn/sandwich-attacks-explained/" target="_blank" rel="noreferrer noopener">t&#7845;n c&ocirc;ng sandwich</a> tr&ecirc;n Solana &mdash; m&#7897;t d&#7841;ng khai th&aacute;c MEV khi bot &ldquo;&#273;i tr&#432;&#7899;c&rdquo; l&#7879;nh, thao t&uacute;ng gi&aacute; v&agrave; &ldquo;&#259;n&rdquo; ph&#7847;n tr&#432;&#7907;t gi&aacute; c&#7911;a ng&#432;&#7901;i d&ugrave;ng. &#272;i&#7873;u n&agrave;y b&agrave;o m&ograve;n ni&#7873;m tin v&agrave; t&#7841;o c&#7843;m gi&aacute;c m&#7841;ng l&#432;&#7899;i &#432;u &aacute;i c&aacute;c t&aacute;c nh&acirc;n tinh vi h&#417;n l&agrave; ng&#432;&#7901;i d&ugrave;ng ph&#7893; th&ocirc;ng. V&#7899;i Solana, kh&ocirc;i ph&#7909;c ni&#7873;m tin c&#7911;a ng&#432;&#7901;i d&ugrave;ng nh&#7887; l&#7867; l&uacute;c n&agrave;y quan tr&#7885;ng kh&ocirc;ng k&eacute;m l&#7897; tr&igrave;nh k&#7929; thu&#7853;t.
<img style="height:400px;width:640px;"decoding="async" alt="Sandwich attacks on Solana. Source: X" class="wp-image-767050 lazy" loading="lazy" src="https://assets.beincrypto.com/img/TcXKObqjvXMV84gtJ-rOMPfEEKk=/smart/5e63aff3eae6416fbc8351e8e8ddb0d3">C&aacute;c cu&#7897;c t&#7845;n c&ocirc;ng sandwich tr&ecirc;n Solana. Ngu&#7891;n: <a href="https://x.com/ItsDave_ADA/status/1983476551510282259/photo/1">X</a>

<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-the-50m-solana-western-union-deal-strategic-leap-or-mistimed-move">Th&#7887;a thu&#7853;n Solana Western Union tr&#7883; gi&aacute; 50 tri&#7879;u USD: b&#432;&#7899;c &#273;i chi&#7871;n l&#432;&#7907;c hay &#273;&#7897;ng th&aacute;i sai th&#7901;i &#273;i&#7875;m?</h2>

&#272;i&#7875;m n&oacute;ng m&#7899;i nh&#7845;t c&#7911;a c&#7897;ng &#273;&#7891;ng l&agrave; th&#7887;a thu&#7853;n gi&#7919;a Solana v&agrave; Western Union tr&#7883; gi&aacute; 50 tri&#7879;u USD, &#273;&#432;&#7907;c cho l&agrave; chia th&agrave;nh 25 tri&#7879;u USD ti&#7873;n m&#7863;t v&agrave; 25 tri&#7879;u USD &#432;u &#273;&atilde;i thanh kho&#7843;n trong s&aacute;u th&aacute;ng. M&#7897;t s&#7889; ng&#432;&#7901;i quan s&aacute;t g&#7885;i &#273;&acirc;y l&agrave; &ldquo;canh b&#7841;c marketing&rdquo;, b&#7903;i Western Union &mdash; m&#7897;t &ocirc;ng l&#7899;n t&agrave;i ch&iacute;nh l&acirc;u &#273;&#7901;i &mdash; trong m&#7855;t nhi&#7873;u ng&#432;&#7901;i trong gi&#7899;i crypto ch&#7881; c&ograve;n l&agrave; t&agrave;n t&iacute;ch &#273;ang phai nh&#7841;t c&#7911;a t&agrave;i ch&iacute;nh t&#7853;p trung.
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&ldquo;Western Union l&agrave; m&#7897;t k&#7867; s&#259;n m&#7891;i t&#7853;p trung &#273;ang d&#7847;n l&#7909;i t&agrave;n, m&#7897;t &lsquo;kh&#7911;ng long&rsquo; x&acirc;y &#273;&#7871; ch&#7871; tr&ecirc;n s&#7921; ma s&aacute;t v&agrave; c&aacute;c m&#7913;c ph&iacute; c&#7855;t c&#7893;; ch&uacute;ng ta kh&ocirc;ng d&agrave;nh c&#7843; th&#7853;p k&#7927; x&acirc;y h&#7841; t&#7847;ng t&agrave;i ch&iacute;nh onchain ch&#7881; &#273;&#7875; giao l&#7841;i ch&igrave;a kh&oacute;a cho h&#7885;.&rdquo; M&#7897;t ng&#432;&#7901;i d&ugrave;ng <a href="https://x.com/panosmek/status/1983576015457620207" target="_blank" rel="noreferrer noopener">b&igrave;nh lu&#7853;n</a>.
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Nh&#7919;ng ng&#432;&#7901;i kh&aacute;c th&#7853;m ch&iacute; d&#7921; &#273;o&aacute;n <a href="https://x.com/xrpmickle/status/1983369208810614938" target="_blank" rel="noreferrer noopener">Western Union c&oacute; th&#7875; ph&aacute; s&#7843;n</a> tr&#432;&#7899;c khi mang l&#7841;i b&#7845;t k&#7923; kh&#7889;i l&#432;&#7907;ng giao d&#7883;ch &#273;&aacute;ng k&#7875; n&agrave;o tr&ecirc;n Solana, ph&#7843;n &aacute;nh s&#7921; ho&agrave;i nghi c&#7911;a c&#7897;ng &#273;&#7891;ng crypto &#273;&#7889;i v&#7899;i c&aacute;c t&#7893; ch&#7913;c truy&#7873;n th&#7889;ng tham gia blockchain.
Tuy v&#7853;y, m&#7897;t s&#7889; nh&agrave; ph&acirc;n t&iacute;ch l&#7841;i nh&igrave;n nh&#7853;n c&acirc;n b&#7857;ng h&#417;n. Nh&#432; Ryan ch&#7881; ra, h&#7879; sinh th&aacute;i n&agrave;o c&#361;ng ph&#7843;i chi v&#7889;n &#273;&#7875; k&iacute;ch ho&#7841;t quan h&#7879; &#273;&#7889;i t&aacute;c, m&#7903; r&#7897;ng t&#7853;p ng&#432;&#7901;i d&ugrave;ng v&agrave; t&#259;ng &#273;&#7897; hi&#7879;n di&#7879;n.
Nh&igrave;n &#7903; g&oacute;c &#273;&#7897; &#273;&oacute;, th&#7887;a thu&#7853;n gi&#7919;a Solana v&agrave; Western Union c&oacute; th&#7875; l&agrave; n&#432;&#7899;c c&#7901; t&iacute;nh to&aacute;n, nh&#7845;t l&agrave; khi <a href="https://www.sec.gov/Archives/edgar/data/2063380/000119312525256647/d941170ds1a.htm" target="_blank" rel="noreferrer noopener">Fidelity v&#7915;a n&#7897;p b&#7843;n S-1/A cu&#7889;i c&ugrave;ng</a> l&ecirc;n SEC cho m&#7897;t <a href="https://vn.beincrypto.com/solana-and-hbar-etfs-will-begin-trading-tomorrow/" target="_blank" rel="noreferrer noopener">Solana ETF</a>, cho th&#7845;y s&#7921; quan t&acirc;m ng&agrave;y c&agrave;ng l&#7899;n t&#7915; c&aacute;c t&#7893; ch&#7913;c &#273;&#7889;i v&#7899;i m&#7841;ng l&#432;&#7899;i. H&#7907;p t&aacute;c v&#7899;i m&#7897;t th&#432;&#417;ng hi&#7879;u thanh to&aacute;n &#273;&#432;&#7907;c c&ocirc;ng nh&#7853;n to&agrave;n c&#7847;u c&oacute; th&#7875; gi&uacute;p Solana t&#259;ng t&iacute;nh ch&iacute;nh danh tr&#432;&#7899;c kh&#7843; n&#259;ng ETF &#273;&#432;&#7907;c ph&ecirc; duy&#7879;t v&agrave; &#273;&oacute;n nh&#7853;n c&aacute;c d&ograve;ng v&#7889;n trong t&#432;&#417;ng lai.
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&ldquo;C&#7843; c&acirc;u chuy&#7879;n &lsquo;Solana tr&#7843; ti&#7873;n cho Western Union&rsquo; th&#7853;t nh&agrave;m ch&aacute;n. C&aacute;c qu&#7929;/t&#7893; ch&#7913;c &#273;&#7913;ng sau d&#7921; &aacute;n c&oacute; ng&acirc;n qu&#7929; &#273;&#7875; k&iacute;ch ho&#7841;t &#273;&#7889;i t&aacute;c trong m&#7841;ng l&#432;&#7899;i c&#7911;a h&#7885;. B&#7841;n kh&ocirc;ng bi&#7871;t c&aacute;c &#273;&#7847;u ra cam k&#7871;t l&agrave; g&igrave; n&ecirc;n kh&ocirc;ng th&#7875; &#273;o l&#432;&#7901;ng ROI c&#7911;a nh&#7919;ng th&#7887;a thu&#7853;n n&agrave;y. N&oacute;i th&#7853;t nh&eacute;: m&#7885;i h&#7879; sinh th&aacute;i &#273;&#7873;u &#273;ang c&#7841;nh tranh v&agrave; chi ti&#7873;n.&rdquo; Nh&agrave; ph&acirc;n t&iacute;ch <a href="https://x.com/Fwiz/status/1983552451354808610" target="_blank" rel="noreferrer noopener">chia s&#7867;</a>.
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D&ugrave; v&#7853;y, c&acirc;u h&#7887;i c&#7889;t l&otilde;i v&#7851;n c&ograve;n: Th&#7887;a thu&#7853;n n&agrave;y c&oacute; mang l&#7841;i ng&#432;&#7901;i d&ugrave;ng th&#7853;t v&agrave; kh&#7889;i l&#432;&#7907;ng b&#7873;n v&#7919;ng kh&ocirc;ng? Gi&#7843; s&#7917; n&oacute; ch&#7881; d&#7915;ng &#7903; m&#7897;t chi&#7871;n d&#7883;ch PR m&agrave; kh&ocirc;ng t&#7841;o &#273;&#432;&#7907;c s&#7913;c h&uacute;t on-chain c&oacute; th&#7875; &#273;o l&#432;&#7901;ng, v&#7845;n &#273;&#7873; tr&#7885;ng y&#7871;u c&#7911;a Solana &mdash; m&#7913;c &#273;&#7897; t&#432;&#417;ng t&aacute;c ng&#432;&#7901;i d&ugrave;ng &#273;ang thu h&#7865;p &mdash; s&#7869; ti&#7871;p di&#7877;n, khi&#7871;n d&#7921; &aacute;n &#273;&#7889;i m&#7863;t c&#7841;nh tranh t&#7915; c&aacute;c blockchain m&#7899;i, t&#259;ng tr&#432;&#7903;ng nhanh nh&#432; Sui, Aptos v&agrave; Base.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-technical-momentum-and-the-crossroads-ahead">&#272;&#7897;ng l&#432;&#7907;ng k&#7929; thu&#7853;t v&agrave; ng&atilde; r&#7869; ph&iacute;a tr&#432;&#7899;c</h2>

T&#7915; g&oacute;c &#273;&#7897; ph&acirc;n t&iacute;ch k&#7929; thu&#7853;t, SOL v&#7851;n mang c&#7845;u tr&uacute;c t&#259;ng gi&aacute; trong trung h&#7841;n. M&#7897;t s&#7889; nh&agrave; ph&acirc;n t&iacute;ch nh&#7853;n th&#7845;y bi&#7875;u &#273;&#7891; c&#7911;a Solana gi&#7889;ng v&#7899;i <a href="https://x.com/misterrcrypto/status/1983590711443259663/photo/1" target="_blank" rel="noreferrer noopener">thi&#7871;t l&#7853;p &#7903; Q4 2023</a>, v&#7899;i h&#7895; tr&#7907; m&#7841;nh quanh 194 USD v&agrave; d&#432; &#273;&#7883;a t&#259;ng h&#432;&#7899;ng &#273;&#7871;n 295&ndash;400 USD n&#7871;u xu h&#432;&#7899;ng &#273;&#432;&#7907;c gi&#7919; v&#7919;ng. Vi&#7879;c &#273;&#432;a Solana v&agrave;o danh m&#7909;c ETF c&#7911;a c&aacute;c t&#7893; ch&#7913;c c&oacute; th&#7875; ti&#7871;p t&#7909;c c&#7911;ng c&#7889; t&acirc;m l&yacute; v&agrave; thanh kho&#7843;n.
<img style="height:400px;width:640px;"decoding="async" alt="Ph&acirc;n t&iacute;ch SOL. Ngu&#7891;n: X" class="wp-image-767051 lazy" loading="lazy" src="https://assets.beincrypto.com/img/v4v2aaPFx30Be7lwYEqAzqopt-c=/smart/b18a7c9710b544cb9ce5d46e731c454b">Ph&acirc;n t&iacute;ch SOL. Ngu&#7891;n: <a href="https://x.com/NekozTek/status/1983496620147646639/photo/1">X</a>

Tuy nhi&ecirc;n, &#273;&#7857;ng sau nh&#7919;ng c&acirc;u chuy&#7879;n mang s&#7855;c th&aacute;i t&#259;ng gi&aacute; l&agrave; m&#7897;t s&#7921; th&#7853;t kh&#7855;c nghi&#7879;t h&#417;n. Solana &#273;ang &#7903; ng&atilde; r&#7869; &mdash; c&acirc;n b&#7857;ng gi&#7919;a c&aacute;c th&#7887;a thu&#7853;n h&#7907;p t&aacute;c l&#7899;n nh&#432; Western Union v&#7899;i th&#7921;c t&#7871; l&#432;&#7907;ng ng&#432;&#7901;i d&ugrave;ng t&#7921; nhi&ecirc;n suy gi&#7843;m. Giai &#273;o&#7841;n ti&#7871;p theo c&#7911;a blockchain n&agrave;y s&#7869; ph&#7909; thu&#7897;c v&agrave;o vi&#7879;c li&#7879;u d&#7921; &aacute;n c&oacute; th&#7875; bi&#7871;n s&#7921; ch&uacute; &yacute; th&agrave;nh m&#7913;c &#273;&#7897; ch&#7845;p nh&#7853;n b&#7873;n v&#7919;ng, thu h&uacute;t ho&#7841;t &#273;&#7897;ng th&#7921;c s&#7921; t&#7915; nh&agrave; &#273;&#7847;u t&#432; nh&#7887; l&#7867; v&agrave; c&#7911;ng c&#7889; ni&#7873;m tin v&agrave;o h&#7879; sinh th&aacute;i hay kh&ocirc;ng.