After rising 36% from its lows during the recent crypto market crash, Solana (SOL) is showing strong signs of recovery. Even though the token lost some of its momentum for a short time after hitting $134 on April 14, a sharp rise in deposits and trade activity shows that investors are once again confident. The big question is whether Solana can keep this rise going and take back the $180 level, which hasn’t been seen since early March.
Network Deposits Rise, Signalling Activity
New data shows that deposits on Sanctum, a liquid staking platform, have grown by 30%. Deposits on Jito and Jupiter have also grown by 20%. It is now the second-largest blockchain by total value locked (TVL), with $6.9 billion. These wins helped it get there. Over the seven days finishing April 16, SOL did better than competitors like Tron and Base, which could mean investors are becoming more interested.
Solana Leads DEX Volume
Regarding decentralized exchange (DEX) action, Solana’s dominance is even clearer. Over seven days, $15.8 billion worth of trades happened on Solana, more than all the other Ethereum Layer-2 options. The number of users on sites like Pump. fun increased by 44%, and the number of users on Raydium increased by 28%.
Growing Momentum in Other DeFi Sectors
Solana is strong in more than just DEXs. It has many different DeFi projects. Two examples are Ondo Finance, which tokenized $250 million worth of assets, and Exponent, a yield farming system that doubled its TVL in 30 days. Synatra, a company that collects yields, reported a 43% weekly rise in TVL.
Is $180 Possible or Fanciful?
Analysts warn that a move to $180 SOL requires more than growth in the internal network, even though these signs are positive. Key factors include macroeconomic changes and how institutions adopt new technologies.
Conclusion
Solana’s impressive 36% recovery and rising network numbers show that things are progressing. But SOL might have trouble getting to $180 if new money doesn’t come into the crypto space or if there isn’t a big outside event that speeds things up.
