The native token of Solana (soil) failed to maintain his bullish momentum after reaching the level of $ 134 on April 14, but an assortment of data points suggests that the Altcoin rally is not finished. The ground price is currently decreasing 57% compared to its top of all time, partly due to a sharp drop in its DAPPS activity, but some analysts cite the growth of deposits on the Solana network as a catalyst for an increase in prices supported in the short term.
Solana has established itself as the second blockchain by total locked value (TVL), with $ 6.9 billion. After winning 12% in the seven days ending on April 16, Solana took front of competitors such as Tron, Base and Berachain. The positive signs include a 30% increase in deposits on Sanctum, a liquid implementation application and a growth of 20% on Jito and Jupiter.
The volume of Solana exceeds layers 2 of Ethereum
You could say that Solana TVL is roughly the ecosystem of layer 2 Ethereum in the deposits. However, this comparison overlooks Solana’s strong position in decentralized (Dex) exchange volumes. For example, within seven days ending on April 16, commercial activity on Solana Dapps totaled $ 15.8 billion, exceeding the combined volume of Ethereum scaling solutions of more than 50% during the same period.
Solana recovered first place from the Dex activity, exceeding Ethereum after a gain of 16% over seven days. This was supported by an increase of 44% in the volume of the pump fun and a 28% increase on Raydium. On the other hand, the volumes decreased on the three largest Dapps Ethereum – Finance Uniswap, Fluid and Courbe. A similar trend occurred on the BNB channel, where Pancakeswap, Four-Meme and Dodo saw volumes reduced compared to the previous week.
It would be unfair to measure Solana’s growth only through Dex’s performance, because the other DAPPs manage much smaller volumes. For example, Ondo Finance to! Meanwhile, Exponent, a yield protocol, has doubled its TVL in the last 30 days. Similarly, the performance aggregator platform, Synatra, had a 43% TVL leap during last week.
Analysts are convinced that a Solana Spot Exchange (ETF) fund will be approved in the United States in 2025. However, expectations for significant entries are limited due to a general lack of interest of institutional investors and recent mediocre performance of similar ETF instruments. If the ETF spot is approved, it could strengthen the presence of Solana, in particular if the storage plans of digital assets of the American government are materialized.
In relation: Fintech Immobilier Janover Double Solana Holdings with $ 10.5 million
Investors are looking forward to the complete verification of crypto assets of American federal agencies, initially expected by April 7. However, after missing this deadline, some journalists suggest that the executive decree signed on March 7 did not demand that the conclusions be made public. No matter if soil appears on this list, it is not currently planned by the government to acquire cryptocurrencies other than Bitcoin (BTC).
Currently, there are few catalysts to justify a rally at $ 180, a level has seen for the last time 45 days ago on March 2. Without external factors, causing a large influx of new participants in the cryptographic ecosystem, the increase in the TVL and Dex market is unlikely to push the price of soil to exceed the wider market.
This article is for general information purposes and is not intended to be and must not be considered as legal or investment advice. The points of view, the thoughts and opinions expressed here are the only of the author and do not reflect or do not necessarily represent the opinions and opinions of Cointellegraph.
