Bitcoin
BTC$26 918.25

-0.14%

Ethereum
ETH$1 666.38

0.93%

Tether
USDT$1.000008

-0.01%

Binance Coin
BNB$215.61

0.44%

XRP
XRP$0.533831

5.55%

USD Coin
USDC$1.000138

-0.02%

Solana NFT marketplace integration and DApp metrics shine even after SOL’s 20% drop


12 Apr 2022

#Solana

SOL price gave up a chunk of its recent gains, but data shows there are strong reasons for investors to remain bullish. Solana (SOL) price reached $143.50 on April 2 after an incredible 82% rally over a 20 day period. This positive performance can be attributed to recent nonfungible token (NFT) markets-related news and a marketwide bounce, but the current 22.7% decline could have investors confused. 

The rally started after Coinbase Wallet added support for SOL and other Solana-based blockchain tokens on March 18. The crypto exchange also outlined plans to “further integrate” with Solana by connecting the Coinbase Wallet with the decentralized applications (DApps) and NFTs hosted on the network.

The expectation of OpenSea’s integration of the Solana network also excited investors. This means Solana will join Ethereum, Polygon and Klaytn as the payment options visible in the drop-down “all chains” tab on OpenSea’s “rankings” page. Solana’s strategy to focus on NFT markets seems to have paid off because the layer-1 blockchain network has risen to third place in all-time total NFT sales on April 6. Moreover, the latest 30-day accumulated data shows Solana amassing $216 million worth of NFT sales.

Solana’s DApp deposits are on the decline

Solana’s primary decentralized application (DApp) metric started to display weakness in late March after the network’s total value locked (TVL) dropped below 50 million SOL. The chart shows how Solana’s DApp deposits saw a 30% decrease in three weeks as the indicator reached its lowest level since September 20, 2021. As a comparison, Terra’s TVL increased by 34% year-to-date, while Fantom network deposits grew by 30%.

On the bright side, on April 5, Neon released an alpha version for the first Solana Ethereum Virtual Machine (EVM) cross-compatibility and scaling solution. On April 7, Solana announced that over 1.6 million network addresses currently hold an NFT.

A DeFi application stood out front the crowd

To confirm whether the TVL drop is concerning, one should analyze DApp usage metrics. As shown by DappRadar data on April 8, the number of Solana network addresses interacting with decentralized applications increased by 11% on average. Orca, a user-friendly decentralized exchange (DEX), was the absolute highlight, amassing 153,290 users.

Even though Solana’s TVL has been hit the hardest compared to similar smart contract platforms, there is solid network use on DeFi and NFT marketplaces, as measured by Magic Eden’s 212,230 active addresses in the last 30 days.

The data above suggests that Solana investors should not worry about the most recent correction. The Solana ecosystem is fueled by the delivery of important milestones toward Ethereum compatibility and NFT market integrations. As long as this happens, the potential for further price appreciation seems likely.


Related

The third wave of a crypto bear market
The third wave of a crypto bear market
Solana and Moonbirds help NFT market reach $6.3B monthly trading volume
Solana and Moonbirds help NFT market reach $6.3B monthly trading volume
Solana NFT sales pass $1.6B, wash trading on LooksRare and more
Solana NFT sales pass $1.6B, wash trading on LooksRare and more
Solana jumps past key selloff junction: SOL price eyes $150 in April
Solana jumps past key selloff junction: SOL price eyes $150 in April
Coinbase Wallet adds support for Solana
Coinbase Wallet adds support for Solana
Solana-based Zebec Protocol closes $15M Series A round
Solana-based Zebec Protocol closes $15M Series A round
Reasons why Solana (SOL) price could see additional upside in 2022
Reasons why Solana (SOL) price could see additional upside in 2022
Solana network outages show work still needed
Solana network outages show work still needed
Solana on-chain development increases after a recent DDoS attack
Solana on-chain development increases after a recent DDoS attack

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 90.4% 2 $26 918.25 -0.14% 1.23% $524 890 483 866 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 91.2% 3 $1 666.38 0.93% 4.52% $200 359 438 928 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 92.4% 1 $1.000008 -0.01% 0% $83 277 212 554 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 90.4% 2 $215.61 0.44% 2.23% $33 170 344 252 BNB 7 days price change
5 XRP (XRP) XRP XRP predictions 87.6% 9 $0.533831 5.55% 3.71% $28 459 775 133 XRP 7 days price change
6 USD Coin (USDC) USDC USD Coin predictions 96% 1 $1.000138 -0.02% 0.01% $25 226 935 074 USDC 7 days price change
7 Lido stETH (STETH) STETH Lido stETH predictions 95.2% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
8 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 84.8% 26 $0.089024 4.13% 6.05% $9 051 627 956 WTRX 7 days price change
9 Cardano (ADA) ADA Cardano predictions 88.8% 7 $0.250162 0.96% 2.49% $8 787 808 567 ADA 7 days price change
10 Dogecoin (DOGE) DOGE Dogecoin predictions 89.6% 4 $0.061916 1.15% 0.66% $8 743 107 432 DOGE 7 days price change
11 Solana (SOL) SOL Solana predictions 87.2% 18 $20.23 3.66% 4.57% $8 351 111 999 SOL 7 days price change
12 TRON (TRX) TRX TRON predictions 83.6% 22 $0.089647 4.02% 7.25% $7 985 329 361 TRX 7 days price change
13 Toncoin (TON) TON Toncoin predictions 62.8% 84 $2.21 -1.25% -4.04% $7 589 859 927 TON 7 days price change
14 Dai (DAI) DAI Dai predictions 93.2% 1 $1.000352 0.03% 0.05% $5 349 770 840 DAI 7 days price change
15 Polkadot (DOT) DOT Polkadot predictions 90.8% 7 $4.08 0.34% 1.57% $5 011 854 851 DOT 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2023 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.