Solana (SOL) price achieved $143.50 on April 2 behind an 82% rally over 20 days. This positive performance can be attributed to recent NFT markets-related news and a marketwide bounce. Still, the 22.7% descent could confuse investors.
The rally began after Coinbase Wallet added support for SOL and other Solana-based blockchain tokens on March 18. The crypto exchange also drafted plans to “further integrate” with Solana by connecting the Coinbase Wallet with the decentralized applications (DApps) and nonfungible tokens (NFTs) hosted on the network.
The expectation of OpenSea’s integration of the Solana network also thrilled investors. This means Solana will merge 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 concentrate on NFT markets seems to have paid off because the layer-1 blockchain network has increased to third place all-time in total NFT sales on April 6. Moreover, the latest 30-day collected data shows Solana amassing $216 million worth of NFT sales.
Solana’s DApp Deposits Are on The Slide
Solana’s primary decentralized application (DApp) metric began to display weakness after the network’s total value locked (TVL) dropped under SOL 50 million in late March.
The chart above shows how Solana’s DApp deposits witnessed a 30% decrease in three weeks. The indicator reached its lowest level after September 20, 2021. As a comparison, Terra’s TVL increased by 34% year-to-date, while Fantom network deposits increased 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 revealed that over 1.6 million network addresses currently hold an NFT.