Bitcoin
BTC$30 326.91

1.12%

Ethereum
ETH$2 076.58

2.21%

Tether
USDT$0.999001

0.01%

USD Coin
USDC$1.000230

-0.02%

Binance Coin
BNB$304.44

2.05%

XRP
XRP$0.435585

2.31%

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

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
Solana surpasses Cardano, Tether to become fourth-biggest crypto worth $76 billion
Solana surpasses Cardano, Tether to become fourth-biggest crypto worth $76 billion

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 65.6% 74 $30 326.91 1.12% -1.69% $577 507 167 326 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 66.4% 75 $2 076.58 2.21% -10.32% $250 891 465 462 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 96% 1 $0.999001 0.01% -0.08% $75 676 462 108 USDT 7 days price change
4 USD Coin (USDC) USDC USD Coin predictions 96% 1 $1.000230 -0.02% -0.04% $52 257 987 348 USDC 7 days price change
5 Binance Coin (BNB) BNB Binance Coin predictions 65.6% 71 $304.44 2.05% -3.10% $49 708 837 503 BNB 7 days price change
6 XRP (XRP) XRP XRP predictions 66.8% 66 $0.435585 2.31% -13.81% $21 057 536 595 XRP 7 days price change
7 Cardano (ADA) ADA Cardano predictions 68.8% 66 $0.575630 2.12% -8.16% $19 421 209 986 ADA 7 days price change
8 Solana (SOL) SOL Solana predictions 63.2% 76 $56.43 3.88% -13.30% $19 038 552 817 SOL 7 days price change
9 Binance USD (BUSD) BUSD Binance USD predictions 96% 1 $1.002005 0.22% 0.35% $18 231 060 479 BUSD 7 days price change
10 Dogecoin (DOGE) DOGE Dogecoin predictions 62.4% 73 $0.089988 2.40% -16.42% $11 938 784 018 DOGE 7 days price change
11 Polkadot (DOT) DOT Polkadot predictions 67.2% 74 $11.01 1.97% -0.91% $10 874 092 462 DOT 7 days price change
12 Avalanche (AVAX) AVAX Avalanche predictions 66.4% 75 $34.13 2.44% -22.27% $9 183 931 187 AVAX 7 days price change
13 Wrapped Bitcoin (WBTC) WBTC Wrapped Bitcoin predictions 67.2% 74 $30 349.83 1.15% -1.21% $8 599 743 334 WBTC 7 days price change
14 TRON (TRX) TRX TRON predictions 71.6% 60 $0.072402 4.12% -4.60% $7 070 299 328 TRX 7 days price change
15 SHIBA INU (SHIB) SHIB SHIBA INU predictions 64.8% 75 $0.000013 4.03% -21.64% $6 883 934 346 SHIB 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.

© 2015-2022 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.