Solana price increases by 36% compared to its crypto market crash depths -are 180 US dollars for the next stop?

Solana’s native token sol (Sol) could not maintain his bullish dynamic after reaching the level of 134 US dollars on April 14, but suggest a selection of data points that the rally of the Altcoin is not yet over. The SOL Prize is currently back by 57% compared to its all-time high, partly due to a severe decline in its DAPPS activity. However, some analysts quote the growth of the deposits in the Solana network as a catalyst for persistent price.

With $ 6.9 billion, Solana has established itself as the second largest blockchain according to total value (TVL). After Solana had increased 12% in the seven days until April 16, he ran in front of competitors such as Tron, Base and Berachain. Positive signs count an increase in sanctum by 30%, liquid compliance and growth of 20% to Jito and Jupiter.

Solana’s Dex volume exceeds Ethereum Layer-2S

One could argue that Solanas TVL roughly matches the ecosystem of Ethereum Layer-2 in deposits. However, this comparison overlooks the strong position of Solana in the decentralized Exchange (Dex) Volumina. In the seven days until April 16, the trading activities with Solana Dapps amounted to $ 15.8 billion, which exceeded the combined volume of Ethereum scaling solutions by more than 50% in the same period.

Solana cycled the top position in the Dex activity and exceeded Ethereum after a win of 16% over seven days. This was supported by a 44% volume climber on pump fun and an increase of 28% to Raydium. In contrast, the volumes took off on the three largest Ethereum dapps – uniswap, liquid and corner finance. A similar trend occurred in the BNB chain, where pancake wap, four-meme and dodo recorded volumes reduced compared to the previous week.

It would be unfair to measure the growth of Solana only after Dex performance, since other DAPPS process a lot of smaller volumes. For example, Ondo Finance has a total of 250 million US dollars worth 250 million US dollars in the Solana network. In the meantime, exponent, a return Farm protocol, doubled its television in the past 30 days. Similarly, the earnings aggregator platform Synatra recorded a TVL jump of 43%last week.

Analysts are confident that a Solana Spot Exchange Traded Fund (ETF) will be approved in the United States in 2025. However, the expectations of significant tributaries are limited due to a general lack of interest in institutional investors and the recent poor performance of similar Ethereum ETF instruments. If the Spot ETF is approved, this could strengthen the presence of Solana -especially if the digital wealth plans of the US government are realized.

Related: Real estate FinTech Janover Double Solana Holdings with $ 10.5 million purchase

Investors are eagerly awaiting the crypto -Holdings of the US federal authorities, which were initially expected until April 7th. After the lack of this period, some journalists suggest that the Executive Ordinance signed on March 7 do not require the results to be published. Regardless of whether Sol appears on this list, there are currently no government plans to acquire other cryptocurrencies than Bitcoin (BTC).

There are currently only a few catalysts who justify a rally to $ 180, a level that was last seen on March 2nd 45 days ago. Without external factors that cause a large influx of new participants to the crypto ecosystem, the increase in the market share of TVL and Dex is unlikely that SOS will be exceeded for the wider market.

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