Solana Surges 36%: Is $180 SOL Within Reach Despite Crypto Market Skepticism?

Despite dropping 57% from its record high following a dip at $134 on April 14th, indicators hint that Solana’s altcoin SOL might continue its upward trend. At present, the SOL price level is noteworthy, but certain data points suggest that this rally may persist. The decrease in activity within Solana’s DApps partially contributed to the token’s fall from grace, yet increased deposits on the Solana network are being viewed as a potential trigger for further short-term price increases.

Solana now ranks second among blockchains with the highest amount of value secured (TVL), at approximately $6.9 billion. Over the past week, ending April 16, Solana has shown significant progress, surpassing competitors like Tron, Basis, and Bancor. Encouraging indicators include a 30% rise in deposits on Sanctum, a platform for liquid staking, and a 20% increase in Jito and Jupiter, which could suggest growth in these areas as well.

Solana’s DEX volume surpasses Ethereum layer-2s

It can be debated that Solana’s TVL (Total Value Locked) is roughly equivalent to the Ethereum layer-2 ecosystem in terms of deposits. Yet, this comparison may not fully capture Solana’s robust presence in the decentralized exchange (DEX) market. To illustrate, during the seven days ending April 16, trading activity on Solana DApps amounted to a staggering $15.8 billion, surpassing the combined volume of Ethereum scaling solutions by over 50% within the same timeframe.

Solana regained the lead in decentralized exchange (DEX) activity, outpacing Ethereum following a 16% surge over a seven-day period. This boost was fueled by a 44% spike in transactions on Pump-fun and a 28% jump on Raydium. Conversely, volumes dipped on the top three DApps on Ethereum – Uniswap, Fluid, and Curve Finance. A similar pattern was observed on BNB Chain, with PancakeSwap, Four-Meme, and DODO experiencing lower volumes compared to the preceding week.

A more balanced assessment of Solana’s growth isn’t solely based on DEX performance, given that other decentralized applications (DApps) deal with significantly smaller volumes. For instance, Ondo Finance has tokenized an impressive $250 million worth of assets on the Solana network, while Exponent, a yield farm protocol, has seen its TVL double over the past month. Moreover, Synatra, a yield aggregator platform, recorded a 43% increase in TVL within the last week.

Analysts are optimistic that a Solana-based exchange-traded fund (ETF) will receive approval in the U.S. by 2025, but they predict only modest inflows because institutional investors have shown little enthusiasm and past Ethereum ETFs have underperformed. If approved, this ETF could bolster Solana’s market position, particularly if the government’s Digital Asset Reserve plans materialize.

The eagerness among investors for a comprehensive audit of U.S federal agencies’ crypto assets, originally scheduled for April 7, has not been met yet. Some reporters speculate that the executive order signed on March 7 did not mandate the release of these findings to the public. It’s worth noting that, regardless if Solana (SOL) is included in that list, the government currently shows no intention of acquiring cryptocurrencies other than Bitcoin (BTC), beyond what has already been announced.

At present, there aren’t many triggers that would propel the price up towards $180, a level last attained 45 days ago on March 2. Unless some significant events occur to attract a massive number of new participants into the cryptocurrency sphere, an increase in TVL (Total Value Locked) and DEX (Decentralized Exchange) market share by itself may not be sufficient to make Solana’s price outperform the overall crypto market.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of CryptoMoon.

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2025-04-17 01:01