Gate Research Institute: Market remains under pressure with continued volatility | Polygon PoS transaction fee burn hits a new all-time high

Cryptocurrency Asset Overview

BTC (-0.21% | Current price 92,505 USDT)

BTC has retreated from recent highs over the past day and entered a consolidation phase, with the price falling back to around $92,500, temporarily pausing its upward momentum. The moving average structure shows divergence, with MA5 crossing below MA10, and the price breaking below short-term support levels, but the medium-term MA30 remains upward, indicating that the overall bullish structure has not been broken. The MACD is below the zero line, with the green bars narrowing but not yet turning red, suggesting that bearish momentum is easing but reversal signals are still insufficient. Overall, BTC is in a short-term correction after a high-level rebound, and if it can regain the $93,500–$94,000 range, the upward trend may continue; otherwise, if it remains under pressure below the moving averages, attention should be paid to the support levels around $91,800–$92,000.

ETH (-0.23% | Current price 3,250 USDT)

ETH’s trend is relatively stronger than BTC, maintaining above $3,250 with sideways consolidation, showing a generally strong high-level sideways pattern. The moving average system remains in a bullish arrangement, with MA5 and MA10 close together, providing short-term support, while MA30 continues to rise, reflecting a healthy medium-term trend. The MACD oscillates slightly near the zero line, with alternating red and green bars, indicating a balanced force between bulls and bears, mainly digesting previous gains in the short term. Overall, ETH remains in a strong consolidation phase; a volume breakout above $3,300 could open further upside space, while a drop below $3,200 warrants attention to the support around $3,150.

GT (-0.19% | Current price 10.55 USDT)

GT has shown relatively stable performance over the past day, trading within a narrow range around $10.50, with volatility significantly lower than mainstream coins. The moving averages are converging, with MA5, MA10, and MA30 intertwined, indicating an unclear short-term direction and a market sentiment leaning towards caution. The MACD is oscillating slightly near the zero line, with limited changes in momentum bars, and neither bulls nor bears have established effective dominance. Overall, GT remains in a range-bound consolidation; a firm hold above $10.70 could challenge previous highs, while a drop below $10.30 should focus on support levels between $10.00–$10.20.

Daily Gainers and Losers

In the past 24 hours, the overall crypto market has come under pressure, with sentiment weakening again. Mainstream assets have shown clear divergence in gains and losses, with risk appetite shifting towards defensive positions. SOL maintained a slight rebound, while assets like XRP led the declines. This indicates that funds are mainly seeking safe havens and reducing positions, with limited market recovery momentum, and the structure remains in a weak consolidation phase. Sentiment indicators show the fear index has risen to 42, entering the “fear” zone, a significant recovery from last week’s and last month’s “extreme fear” levels, but slightly lower than yesterday, reflecting a recurring pattern of sentiment improvement. Overall, although fear has moved away from extreme levels, confidence remains fragile, and price fluctuations are mainly driven by short-term capital. Until clear positive catalysts emerge, the market may continue to oscillate weakly in the short term.

DSYNC Destra Network (+71.71%, Market Cap $51.82 million)

According to Gate data, DSYNC is currently priced at $0.05172, up approximately 71.71% in 24 hours. Destra Network is a project built around decentralized AI infrastructure and autonomous agents, focusing on integrating AI Agent runtime environments, reasoning capabilities, and incentive mechanisms into an on-chain system.

The rapid rise of DSYNC in this round is mainly driven by emotional and narrative resonance amid multiple intensive events. Recently, the project announced key developments, including the launch and early testing of NPC 2.0, a preview release of the mobile AI node product Destra Edge, and a buyback-driven airdrop mechanism for long-term participants, significantly boosting market expectations for project execution and ecosystem implementation.

FHE Mind Network (+35.76%, Market Cap $11.78 million)

According to Gate data, FHE is currently priced at $0.04791, up 35.76% in 24 hours. Mind Network is a privacy computing network centered on fully homomorphic encryption, aiming to provide native privacy protection infrastructure for AI Agents, on-chain payments, and enterprise applications.

The recent rise of FHE is mainly due to phase resonance of privacy narratives and event signals. The project team has reviewed progress made in 2025 and outlined plans for 2026, emphasizing AI Agent payments, enterprise-ready privacy infrastructure, and FHE’s critical role in on-chain commercial applications. The community and founders’ continuous emphasis on the “Privacy Year 2026” narrative further reinforce market expectations for the long-term story.

XPLA CONX* (+43.06%, Market Cap $21.29 million)*

According to Gate data, XPLA is currently priced at $0.02744, up approximately 43.06% in 24 hours. XPLA CONX is an infrastructure project focused on Web3 gaming, IP co-creation, and interactive content ecosystems, aiming to bring developers, creators, and well-known IPs into a collaborative framework through Arena mechanisms, promoting on-chain game prototypes, pixel art co-creation, and playable content. Its product approach emphasizes “challenge-based,” “evaluation-based,” and “reward pool-driven” models, using open competitions and industry review mechanisms to provide a low-threshold testing ground for Web3 gaming and IP narratives.

The recent surge in XPLA is mainly driven by the event-driven effects of multiple Arena activities recently advanced. NOM Arena has completed submissions and entered evaluation and prototype submission phases, JOO JAEBUM Arena announced upcoming launches, with a $10,000 reward pool and collaborations with well-known IPs, continuously boosting activity in gaming and creative sectors.

Hotspot Analysis

Aave Horizon RWA Lending Hits New Highs, Institutional On-Chain Credit Accelerates

Aave’s Horizon RWA market recently hit a record high, with active borrowing surpassing $200 million, indicating that real-world assets are increasingly penetrating DeFi lending systems. This growth reflects rising demand from institutional and structured funds for on-chain financing backed by offline assets, and also demonstrates market recognition of Aave’s compliant RWA architecture in risk management. Compared to earlier retail-focused DeFi lending expansion, this growth favors assets with predictable cash flows and stronger credit attributes.

On a macro level, the continuous expansion of borrowing volumes highlights deeper integration between traditional finance and DeFi infrastructure. RWA use cases are moving from concept validation to scaled applications, gradually becoming key asset-liability tools in on-chain credit markets. If this trend continues, Aave is likely to further consolidate its position in institutional DeFi and reinforce RWA as a strategic growth engine for the industry’s next phase.

Polygon PoS Fees Burned to Record High, Deflationary Effects Temporarily Evident

Polygon PoS recently set a new record for daily fee burn volume, with approximately 3 million POL tokens burned in 24 hours, about 0.03% of the total supply. This data was disclosed by Polygon co-founder Sandeep Nailwal, reflecting a significant increase in network transaction activity and on-chain usage. The scale of fee burning usually indicates genuine transaction demand rather than being driven solely by incentives or short-term events.

Structurally, the record high in fee burns strengthens deflation expectations under Polygon PoS’s mechanism and highlights its capacity to bear the load within the Ethereum scaling ecosystem. If high-frequency applications and on-chain interactions can sustain current activity levels, fee burns will continue to marginally reduce token supply, supporting POL’s long-term value. However, ongoing observation is needed to determine whether this performance is sustainable or merely a temporary peak, and how it correlates with application growth and developer activity.

Solana’s Key Metrics in 2025 Surge, Ecosystem Scale and Capital Capacity Expand Simultaneously

Solana’s official review disclosed that in 2025, many core metrics reached new highs, indicating a phase of high-intensity application-driven expansion. Total network revenue reached $1.4 billion, approximately 48 times higher than two years ago, reflecting significant deepening of on-chain economic activity; daily active wallets increased to 3.2 million, up 50% year-over-year, setting new records, showing continuous growth in user engagement and usage frequency. Meanwhile, the stablecoin supply at year-end rose to $14.8 billion, more than doubling, highlighting Solana’s enhanced capacity for payments, DeFi, and trading scenarios.

From a capital and trading perspective, Solana’s attractiveness and liquidity foundation have also strengthened. Total staked SOL increased to 421 million, up 8% YoY, supporting network security and long-term holding; spot ETF net inflows reached $1.02 billion, indicating growing acceptance from traditional financial investors. Additionally, on-chain DEX trading volume hit $1.5 trillion annually, up 57%, a new high, reflecting a shift from a high-performance blockchain narrative to a comprehensive on-chain financial infrastructure with real trading depth and scale.

References:

• Gate, https://www.gate.com/trade/BTC_USDT
• Farside Investors, https://farside.co.uk/btc/
• Gate, https://www.gate.com/trade/ETH_USDT
• Farside Investors, https://farside.co.uk/eth/
• Gate, https://www.gate.com/crypto-market-data
• Investing, https://investing.com/indices/usa-indices
• Investing, https://investing.com/currencies/xau-usd
• CoinGecko, https://www.coingecko.com/en/cryptocurrency-heatmap
• Gate, https://www.gate.com/announcements/article/48980
• X, https://x.com/Cointelegraph/status/2008576924818272570?s=20
• X, https://x.com/Cointelegraph/status/2008554403716849673?s=20
• X, https://x.com/solana/status/2008536556475478349

Disclaimer Investing in cryptocurrencies involves high risk. Users are advised to conduct independent research and fully understand the nature of the assets and products before making any investment decisions. Gate is not responsible for any losses or damages resulting from such investment decisions.