Solana’s Aboriginal Token SOL (SOL) did not maintain a strong momentum after reaching $ 134 on April 14, but various data points suggest that Altcoin’s rally is not over. SOL PRICE has fallen 57% from the highest history due to the rapid decline in DAPPS activities, but some analysts quote the growth of the Solana network as a catalyst with a continuous price increase in the short term.
Solana has established $ 6.9 billion in the second largest blockchain by the total value lock (TVL). Solana, who earned 12%in seven days at the end of April 16, was ahead of competitors such as TRON, Base and Berachain. Positive signs include an increase of 30% of sanctuary’s sediment, a liquid staying application, a 20% growth in JITO and Jupiter.
Solana’s DEX Volume surpasses Ethereum Layer-2.
Solana’s tvL can be argued that it matches it with an Ethereum layer-2 ecosystem. However, this comparison overlooks the powerful position of Solana in the decentralization exchange (DEX) volume. For example, for seven days, the Solana DApps’s trading activity was $ 15.8 billion, exceeding the combined amount of Etherum Scaling Solutions for more than 50% for the same period.
Solana took first place in Dex’s activities and surpassed Ether Leeum after 16% increased over seven days. This was supported by an increase of 44% of the volume in the pump fun and an increase of 28% in Raydium. In contrast, the amount has been reduced in the three largest Etherrium DAPP (Uniswap, Fluid and Curve Finance). Similar trends have occurred in the BNB chain, where pancakes and labs, 4meme and DODO are more volume than before.
Since other DApps handle much less, it is unfair to measure the growth of solana only by DEX performance. For example, OnDo Finance announced a total of $ 250 million worth of assets in the Solana network. Meanwhile, the index, the yield farm protocol, has doubled the TVL over the last 30 days. Similarly, the yield Agrigator platform Synatra experienced 43%jump on TVL last week.
Analysts are convinced that Solana Spot Exchange Traded Fund (ETF) will be approved in the United States in 2025, but the expectation for significant influx is limited because of the lack of good performance of Etherum ETF devices similar to the lack of general interest of institutional investors. If the SPOT ETF is approved, especially if the US government’s digital asset reserve plan is fruitful, it can strengthen the presence of Solana.
relevant: Real Estate Tech Janover doubled Solana Holdings with $ 10.5m purchase.
Investors are initially waiting for a complete audit of the US federal agencies, which are expected until April 7, for their encryption. But after missing this deadline, some journalists suggest that the administrative order signed on March 7 does not need to disclose the results. Regardless of whether the SOL appears in the list, there is no plan to acquire a cryptocurrency other than the current BTC (Bitcoin).
There are few catalysts that will justify the last level of rally, which is the last 45 days ago on March 2, to $ 180. As external factors have a big introduction to the Crypto Ecosystem, the increase in TVL and DEX market share will not be expanded to surpass the market with a wider price of SOL.
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